0809 GMT - The integration of the asset management operations of Groupe BPCE's Natixis and Generali looks complicated, Morningstar analyst Mara Dobrescu says. The French and Italian groups agreed to form a joint venture in January but recent reports have raised doubts about whether an agreement will be finalized by year-end due to opposition from two large Generali shareholders and reluctance from the Italian government. Beyond the political tensions, the merger faces integration challenges given that the investment teams and product lines of both sides are unlikely to be fully integrated, in part due to their different investment cultures, Dobrescu says. "It's hard to see how a combined Natixis-Generali galaxy, with such disparate entities, could function as a cohesive unit," she notes. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 31, 2025 04:09 ET (08:09 GMT)

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