MILAN (Reuters) – Italy’s largest insurer Generali (GASI.MI: Quote, Profile, Research, Stock Buzz) said on Tuesday it will buy out the rest of an eastern European joint venture it holds with Czech group PPF for 2.5 billion euros ($3.3 billion), increasing its exposure to the fast-growing region.
It is the first major deal struck by Generali’s new chief executive, Mario Greco, who was appointed in August to improve profitability at Europe’s third-largest insurer behind Allianz (ALVG.DE: Quote, Profile, Research, Stock Buzz) and Axa (AXAF.PA: Quote, Profile, Research, Stock Buzz), and review its portfolio of assets.
MILAN, Jan 8 (Reuters) – Italy’s largest insurer Generali
expanded its footprint in fast-growing eastern Europe
after agreeing to buy out the 49 percent of an insurance joint
venture it holds with Czech group PPF.
The 2.5 billion euros ($3.27 billion) deal represents the
first major transaction engineered by new Generali Chief
Executive Mario Greco, who was appointed in August to boost
profitability at Europe’s third-largest insurer and review
Generali’s entire portfolio of assets.
MILAN, Jan 7 (Reuters) – The board of Generali,
Italy’s biggest insurer, is to discuss buying the 49 percent of
a joint venture with Czech group PPF it does not already own,
three sources with knowledge of the situation said.
The proposal to buy the stake, which analysts value at
around 2.5 billion euros ($3.3 billion), is the first big
boardroom test for chief executive Mario Greco, set to present
the result of a review Generali’s asset portfolio on Jan. 14.
MILAN, Dec 13 (Reuters) – When Mario Monti took the helm a
year ago, with Italy teetering on the edge of a Greek-style
debt crisis, he was welcomed as a saviour who could finally put
the country back on track.
Disgusted with the scandals, corruption and cronyism that
had flourished under Silvio Berlusconi, workers and businessmen
at first meekly accepted the technocrat premier’s higher taxes
and harsh pension reform, confident he would guide them out of
the euro zone debt storm into calmer waters.
MILAN (Reuters) – Italian bond yields shot higher, domestic shares tumbled and the euro slipped on Monday on fears that Italy’s economic reforms will stall after Prime Minister Mario Monti said he would quit office early.
The unelected technocrat, an economist respected by international investors, said on Saturday he would resign once the 2013 budget is approved. He had lost the support of Silvio Berlusconi’s center-right PDL party, the largest in parliament.
MILAN (Reuters) – Italian borrowing costs soared and share prices tumbled on Monday as the markets took fright at Prime Minister Mario Monti’s announcement that he will step down early.
Monti, a well-known economist who is respected among financial investors, said on Saturday he would quit once the budget for 2013 is approved, after losing the support of Silvio Berlusconi’s centre-right PDL, the largest party in parliament.
ROME/MILAN (Reuters) – Italian Prime Minister Mario Monti’s imminent resignation drove up the country’s borrowing costs on Monday, as markets took fright at the prospect of a return to an old-style Italian political crisis.
The spread between Italian BTPs and German Bunds widened to 349 basis points from 325 late on Friday and BTP future shed more than a point on concern over Monti’s departure.
ROME/MILAN (Reuters) – Italian Prime Minister Mario Monti’s imminent resignation has set off campaigning for an election expected in February, with financial markets on edge at the prospect of a return to an old-style Italian political crisis.
On Saturday the 69-year-old former European commissioner unexpectedly struck back against Silvio Berlusconi’s People of Freedom (PDL) party which opened the crisis by withdrawing support from his government last week.
MILAN, Dec 5 (Reuters) – Telecom Italia appears to
be edging towards a spin-off of its fixed-line network in a move
that could raise up to 5 billion euros ($6.5 billion) to cut
debt, boost broadband investment and potentially revive its
The Italian group is expected to make a decision at a
crucial board meeting on Thursday, which is also likely to
reject an alternative fundraising plan from Egyptian tycoon
Naguib Sawiris and debate a move for Vivendi’s GVT
business in Brazil, as well as offers for its own broadcast arm.
MILAN, Nov 14 (Reuters) – The Bank of Italy will discuss how
the deteriorating economic situation is affecting banks’ credit
quality at its annual meeting with major Italian banks next
week, a source close to the central bank said on Wednesday.
The meeting, to take place on Monday, will be attended by
lenders Intesa Sanpaolo, UniCredit, Banca
Monte dei Paschi di Siena, Ubi Banca, Banco
Popolare and Mediobanca.