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

Allianz weighs bid for Generali's French business: Bloomberg

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.

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

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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