Generali, BPCE drop break-up fee in asset management deal- report [Yahoo! Finance]
MEDIOBANCA SPA UNSP/ADR (MDIBY)
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Source: Yahoo! Finance
This move comes amid uncertainty over the deal's completion, with opposition from key Generali shareholders and concerns from the Italian government. In January, Generali signed a non-binding memorandum of understanding (MoU) with BPCE to merge their asset management businesses, creating a joint venture with balanced ownership and governance. The combined entity would manage assets exceeding €1.9tn. However, the merger faced resistance from two of Generali's largest investors and sparked worries in Rome, where there is a preference for channelling Italian savings into domestic investment. The Italian government also has the authority to veto deals involving strategic national assets, the news agency noted. In April, Generali's CEO, Philippe Donnet, has stated that he would not contest the government's stance on the merger if opposition continued. The absence of the break-up fee now simplifies the potential dissolution of the deal, the report added. Generali's primary in
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