11 months ago
Generali and Natixis Asset Management Deal Faces Uncertainty
Generali and Natixis planned to merge their asset management businesses to create a huge financial company.
This deal would manage trillions of dollars.
However, the plan is now shaky.
There are doubts because of leadership changes in a major shareholder, Mediobanca, and pressure from the Italian government.
Some big investors and the government worry that the deal might give too much control to foreign entities.
The company may not go through with it.
The potential deal, originally set to be signed in June, may not happen now.
Generali and BPCE's plan to create a joint venture in asset management faces growing doubts.
The deal, originally slated for June, has not been submitted for signing.
The departure of Alberto Nagel from Mediobanca adds to the uncertainty.
Stakeholders like Francesco Gaetano Caltagirone oppose the asset management tie-up.
The Italian government is closely monitoring the deal and may oppose it.
- Who
- Generali SpA and BPCE SA (Natixis)
- What
- Proposed joint venture to create a large asset management company is facing doubts.
- Where
- Europe
- When
- Eight months after the initial announcement in January, and the deal was expected to be signed in June.
- Why
- Due to concerns from stakeholders, the Italian government, and internal leadership changes.
Pro-Deal
Against Deal
Control of Savings
Pro-Deal
Generali has said the joint venture's governance would be balanced.
Against Deal
Concerns that Italian savings could be handed over to foreign control.
Investment Decisions
Pro-Deal
Generali says the deal is necessary in an industry where scale matters.
Against Deal
A deal could hamper Generali's ability to make investment decisions, as argued by Caltagirone.
Key facts
- Companies Involved
- Generali SpA, BPCE SA (Natixis)
- Proposed Deal Value
- €9.5 billion
- Assets Under Management
- €1.9 trillion
- Deal Status
- Uncertain; potential delay or collapse
- European Ranking (if successful)
- Second-largest asset manager
Quotes
A BPCE spokesperson
A representative from BPCE
“The process between BPCE and Generali is continuing.”
livemint.com
“The work schedule has been adjusted to take the current context into account.”
livemint.com
Stefano Girola
a managing partner at Milan-based family office SV & Partners
“With political resistance hardening, leadership in flux, and no tangible progress on execution, the Generali-BPCE deal now looks less like a delayed transaction and more like one drifting toward collapse.”
livemint.com
Sources
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