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Allianz weighs bid for Generali's French business: Bloomberg
December 16, 2016 / 9:37 AM / 9 months ago

Allianz weighs bid for Generali's French business: Bloomberg

The logo of Europe's biggest insurer Allianz SE is pictured at the Allianz Arena soccer stadium in Munich February 19, 2016. REUTERS/Michaela Rehle

FRANKFURT (Reuters) - Germany’s Allianz (ALVG.DE) is in talks with Assicurazioni Generali (GASI.MI) as it weighs a bid for the company’s French operations, Bloomberg reported, citing people familiar with the matter.

Executives at Allianz, Europe’s largest insurer, are uncertain that a combination with the French insurance business would be approved by regulators, and the companies may not reach a deal, one of the people told Bloomberg.

France accounts for about 15 percent of Generali’s gross written premiums, its third-largest market after Italy and Germany.

Generali and Allianz declined to comment on the report.

Shares in Generali jumped nearly 6 percent to 14.91 euros in early trade, to their highest level since January. Allianz’s stock was down 0.5 percent at 155.95 euros at 0917 GMT.

Reporting by Maria Sheahan; additional reporting by Kathrin Jones in Frankfurt and Gianluca Semeraro in Milan; editing by Jason Neely

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