Local newspaper La Verita without citing sources reported on Saturday that Amundi was ready to consider buying a stake in Anima, paving the way for a takeover.
“We deny this rumour,” the spokeswoman said in an email sent to Reuters.
Anima, the largest independent asset management group in Italy, declined to comment on the report.
Anima shares were up 10.72% to 3.032 euros in heavier than normal volumes.
“Anima trades with attractive multiples but we believe that the real juncture in the consolidation of the Italian asset management sector is first and foremost the integration between banks,” Luigi De Bellis, analyst at Equita wrote on Monday.
Amundi, Europe’s largest asset manager by assets under management, bought Pioneer Asset Management from UniCredit (CRDI.MI) in 2017, strengthening its presence in Italy.
Anima has assets under management of about 186 billion euros and more than 1 million customers, according to its website.
Reporting by Maya Nicolaeva in Paris,; Additional reporting by Giancarlo Navach in Milan, writing by Gianluca Semeraro, editing by Giulia Segreti