Assicurazioni Generali is mulling Monte dei Paschi's bid for Banca Generali. "Banca Generali Mulling Monte di Paschi's $10 Billion Takeover Bid," at 0533 GMT, incorrectly attributed the statement to Banca Generali. The correct version follows:
By Joshua Kirby
Italy's Assicurazioni Generali said it is willing to consider a $10.2 billion takeover offer for private bank Banca Generali from rival Monte dei Paschi di Siena, the latest attempt at consolidation in the country's banking sector.
MPS, considered Europe's oldest lender still in operation, last week launched a joint bid for Banca Generali and Banco BPM, offering 6.958 of its own shares for each Generali share to value the bank at 8.72 billion euros ($10.16 billion). It said at the time the bid represented a 10% premium to Generali's share price.
Assicurazioni Generali, Banca Generali's majority shareholder, said late Thursday that it "confirmed its willingness to evaluate MPS's proposal, which envisages a broader industrial collaboration to develop new growth opportunities across strategically important business areas for both companies."
