UniCredit acquires stake of less than 4 percent in Generali Group, according to people familiar with the matter.
ROME — Italy’s UniCredit has bought a stake in insurance giant Generali Group, according to two people familiar with the matter, adding another twist to a byzantine banking battle brewing in Italy’s north.
Generali is in the crosshairs of several competing groups, including the Rome-allied billionaire Del Vecchio and Caltagirone families, as well as Milan-based investment bank Mediobanca.
UniCredit is separately trying to take over Milan lender Banco BPM, in which both groups also own a stake. One of the people said that while the purchase of a stake by UniCredit was not an outright attempt to exert leverage over the billionaires’ bid for Generali, it will have an “interesting” effect at a coming board meeting.
UniCredit’s purchase, which remains below 4 percent, was made via derivatives that allow the bank to be economically exposed to the asset without hitting the 10 percent threshold for mandatory disclosure, the two people said.
The Milan bank began buying shares before its Tuscan rival, Monte dei Paschi di Siena, made a surprise bid for Mediobanca last month, one of the people added.
Italian newspaper Sole24Ore reported earlier on UniCredit’s move.
UniCredit declined to comment when contacted by POLITICO.
