Deals
Mediobanca Weighed Banca Generali Bid Before Abandoning Plan
- Italian bank made recent approach to insurer Generali on unit
- Under pressure, CEO Nagel is seeking transformational deal
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Italy’s Mediobanca SpA approached Assicurazioni Generali SpA about acquiring the insurer’s private banking and wealth management unit before ultimately abandoning the plan, people familiar with the matter said.
The Milan-based investment bank decided that conditions were unfavorable for a bid on Banca Generali SpA, a listed unit of the Italian insurer that has a market value of 3.2 billion euros ($3.8 billion), said the people, asking not to be named as the talks remain private.