Generali Shares Rise as Del Vecchio Family Gets Green Light to Raise Stake Above 10%
03 July 2023 - 9:27PM
Dow Jones News
By Pierre Bertrand
Assicurazioni Generali shares rose on Monday after shareholder
Delfin, a holding company owned by the Del Vecchio family, received
regulatory approval on Friday to increase its stake in the Italian
insurer to more than 10%.
At 1047 GMT, Generali shares traded 3.5% higher to EUR19.27,
having risen by as much as 5.6% earlier in the session.
On Friday, Italy's insurance regulator signed off on the stake
increase after Delfin exceeded 10% ownership because of a share
buyback at Generali, the Institute for the Supervision of Insurance
said in a statement.
Delfin had requested authorization to increase its stake in
April, the regulator said.
The Del Vecchio Group had a 9.77% share ownership of Generali as
of April 17, according to Generali's website.
The approval of the regulator to increase the shareholding in
the company is likely to increase the speculative appeal of
Generali, Equita Sim analyst Andrea Lisi said in a research note.
To what extent, however, depends on Delfin's strategy for Generali,
the analyst said.
Delfin also owns a 19.8% stake in Mediobanca which as of April
17 also held 13.10% of Generali.
At 1047 GMT Mediobanca shares traded up 1.8% to EUR11.16.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
July 03, 2023 07:12 ET (11:12 GMT)
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