By Elena Vardon
The board of Banca Generali acknowledged the takeover offer launched by Mediobanca for the Italian private bank.
Mediobanca on Monday launched a 6.3 billion euro, equivalent to $7.20 billion, stock bid for the group--which is majority-owned by insurer Assicurazioni Generali--to bolster its wealth management division.
The bank is currently the Italian insurer's top shareholder and intends to exchange its 13% stake to pay for Banca Generali.
Banca Generali said late Monday that the offer was neither solicited nor previously agreed upon and that it will analyze it thoroughly.
"Banca Generali will express its opinion on the offer within the terms and according to the procedures set forth by the law," it added.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
April 29, 2025 00:58 ET (04:58 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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