Banca Generali to Mediobanca? The stock market believes in it and the stock soars by 20% – Corriere.it

The rumors about a possible sale of Banca Generali to Mediobanca caused the stock of the asset management company controlled by the Leone di Trieste to skyrocket, which after a suspension, closed the trading session with a 20% rise to € 28.82. But the whole galaxy of financial giants that revolve around this hypothesis to make substantial gains in Piazza Affari. The possible buyer, Mediobanca, ended trading with a rise of 5.99% to € 8.07, while the Lion, more cautiously, imitated a rise of 1.77% to € 14.09. The rumors that generated these upheavals began to spread on the morning of Friday 30 September and, despite the official denials, the market apparently took very seriously the hypothesis of the sale of the Leone subsidiary, led by CEO Gian Maria Mossa, one of the few listed asset management companies in Italy, with assets under administration exceeding 80 billion euros.

The acquisition in the USA

According to rumors, reported by the Bloomberg agency, Generali Assicurazioni could sell Banca Generali to Mediobanca to finance the purchase of the wealth management assets of Guggenheim, a US company that has assets under administration for 228 billion dollars. This would therefore be a very important operation capable of significantly accelerating the growth of the Trieste-based company in the sector.

The official denials

The hypothesis immediately liked the stock market but for now it has not found confirmation and there are no ongoing negotiations. Bloomberg itself, however, to conclude that the agreement, which could take different forms, from the complete acquisition of wealth management assets to a partnership or an investment, could not go through or that Generali could also end up identifying another goal always in the United States. From time to time, we have inquiries and even discussions with third parties who want to consider joint ventures or who seek to make capital investments in our company, Gerard Carney, a spokesman for Guggenheim, told Bloomberg, specifying that he does not comment on these conversations. they occur routinely, and often more than one at a time. Guggheneim, founded in 1999, is headquartered in New York and Chicago manages over $ 228 billion in assets. Generali Investments managed approximately 575 billion euros at the end of 2021. It operates through 1,200 asset managers and specialists in more than 20 countries and has added more than € 100 billion in third party assets over the past 3 years.