Banca Generali drops 7% as M&A speculation cools [Reuters]
ASSICURAZIONI GENERLI ADR (ARZGY)
NASDAQ:AMEX Investor Relations:
generali.com/investors
Company Research
Source: Reuters
MILAN, Nov 24 (Reuters) - Shares in Banca Generali (BGN.MI) fell 6.8% on Thursday, with a trader citing a Bloomberg report that cooled speculation over a potential deal between its parent, Italian insurer Generali (GASI.MI) and U.S. investment firm Guggenheim Partners. Earlier this year Bloomberg said in a separate report that Generali had held informal deal talks with Guggenheim Partners on a range of options including a full acquisition of the U.S. firm's asset management business. For a deal of this size Generali may have needed to divest a core asset like Banca Generali, with the report pushing Banca Generali's shares up as much as 19% at the time. A source close to the situation told Reuters at the time that Generali had been exploring several potential U.S. acquisition targets in the asset management business in recent months and Guggenheim may be among them. Banca Generali shares were down 6% by 1342 GMT, underperforming a roughly flat all-share index (.FTITLMS) Repo
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