May 30, 2017 / 4:31 PM / 6 months ago

Italy's Generali sells 3.04 pct in Intesa Sanpaolo

MILAN, May 30 (Reuters) - Italy’s biggest insurer Generali said on Tuesday it sold 3.04 percent of a stake in Intesa Sanpaolo it had bought back in January to fend off a possible hostile takeover from the country’s top retail bank.

In January Intesa said it was considering a potential tie-up with Generali but has since abandoned the plan.

Generali still has a marginal shareholding in Intesa as a routine financial investment, the insurer said in a statement, without specifying how big the stake was.

In February the insurer said it held 3.4 percent in Intesa Sanpaolo.

Reporting by Giulia Segreti, editing by Agnieszka Flak

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