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Yapi Kredi Sigorta Rises on Generali Report: Istanbul Mover

Yapi Kredi Sigorta AS, a Turkish insurer majority-owned by Yapi & Kredi Bankasi AS, rose as much as 9 percent in morning trading on a report that Italy’s Generali is interested in acquiring it.

Yapi Kredi Sigorta soared to as high as 17.50 liras, a record on a closing basis, before paring gains to end the day up 2.5 percent at 16.45 liras.

Generali is expected to start talks on a possible acquisition over the next few weeks, Istanbul-based Sabah newspaper reported today, without saying how it got the information. Zurich Insurance Group AG, Axa SA and unnamed Asian investors were also interested in the insurer, Sabah said.

Yapi Kredi Sigorta and Yapi Kredi Emeklilik AS, the bank’s private pensions unit, may fetch as much as $1 billion in a sale, a person with knowledge of talks to sell the units told Bloomberg on Nov. 1, speaking on condition of anonymity because the discussions were private.

“The claimed $1 billion deal size implies a 9 percent upside over Yapi Kredi Sigorta’s market cap as of Friday’s close,” BGC Istanbul Securities said in an e-mailed report today. The sale has “positive potential for Yapi Kredi Sigorta as it is highly likely that there will be a tender call following the sale.”

In a statement to the Istanbul Stock Exchange today, Yapi Kredi, co-owned by Italy’s UniCredit SpA, said the process to “assess strategic alternatives” for Yapi Kredi Sigorta and Yapi Kredi Emeklilik is ongoing. Deutsche Bank AG, UniCredit Bank Austria AG and Yapi Kredi Yatirim Menkul Degerler AS have been appointed as joint advisers, the statement noted.

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