Generali’s chief executive dismissed on Tuesday the idea of a merger with lender UniCredit and denied recurring press rumours about possible interest from French companies in taking control of Italy’s top insurer.
“There is no plan for a merger with UniCredit, it is not part of our strategy, because it does not make sense,” Philippe Donnet told a parliamentary hearing.
The track record of UniCredit boss Andrea Orcel as one of Europe’s most experienced dealmakers has fuelled speculation he could seek a deal, possibly involving Generali. But in December he quashed speculation that the bank could be interested in the insurer.
Donnet said that “there are no synergies” between insurance and banking businesses and a merger “would weaken both”.
“I don’t see any benefit and this applies to any bank,” he added.
Donnet, 61, held various positions within Generali’s French rival Axa between 1985 and 2007.
This prompted speculation that his arrival at Generali nine years ago was linked to a possible planned merger with the French insurer giant or another French company.
“I am French but I am also Italian. I arrived nine years ago to lead Generali Italia and since then I read in the Italian press this story about French companies,” added Donnet, who became group chief executive in 2016.
“There is no interest of any French company, it is a fantasy of journalists,” Donnet added.
Source: Reuters.com