Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Generali drops out from NN's asset manager sale - sources

06/08/2021 | 08:13am EDT

LONDON, June 8 (Reuters) - Italy's top insurer Assicurazioni Generali has dropped out of the race to buy the asset management arm of Dutch rival NN Group NV, two sources familiar with the matter told Reuters.

Generali and Deutsche Bank's asset management unit DWS were among suitors that last week filed non-binding bids for the company which oversees assets linked to NN's life insurance products, sources had said.

But the people on Tuesday said Generali had decided to quit the process, which is expected to be very competitive.

Generali declined to comment while NN was not immediately available for comment.

Analysts say a reported initial price tag of 1.5 billion euros ($1.83 billion) for the NN unit is likely to go up in the bidding process.

Italy's largest bank Intesa Sanpaolo had also considered bidding last week but decided against submitting a preliminary offer, a source close to the matter said.

Generali, which last week announced a 1.17 billion euro ($1.4 billion) takeover bid for domestic rival Cattolica , says it has "a disciplined and opportunistic" approach to acquisitions.

In March it lost out to Allianz in the race to acquire Aviva's Polish operations.

Taking into account the Cattolica bid and a 300 million euro deal to buy rival AXA's assets in Malaysia, Generali has some 800 million euros left for acquisitions under its current plan through 2021. ($1 = 0.8213 euros) ($1 = 0.8211 euros) (Reporting by Valentina Za, Gianluca Semeraro and Pamela Barbaglia; Editing by Kirsten Donovan and Louise Heavens)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE 0.39% 194.3 Delayed Quote.-3.49%
ASSICURAZIONI GENERALI S.P.A. -1.31% 16.625 Delayed Quote.18.16%
AVIVA PLC 0.62% 390.3 Delayed Quote.19.31%
AXA 1.40% 23.125 Real-time Quote.16.88%
DEUTSCHE BANK AG 1.01% 10.62 Delayed Quote.17.53%
DWS GROUP GMBH & CO. KGAA -0.10% 40.42 Delayed Quote.16.26%
INTESA SANPAOLO S.P.A. 1.30% 2.3435 Delayed Quote.21.01%
NN GROUP N.V. 0.41% 41.97 Real-time Quote.17.65%
SOCIETÀ CATTOLICA DI ASSICURAZIONE - SOCIETÀ COOPERATIVA 0.29% 6.95 Delayed Quote.51.11%
Latest news "Economy & Forex"
08:11aMcDonald's makes masks mandatory for all customers, staff
RE
08:07aMarriott profit beats estimates as travel recovery gains pace
RE
08:07aSANS Institute Selects Pulumi Cloud Engineering Platform to Radically Simplify and Automate Cloud Application and Infrastructure Delivery
BU
08:04aDrugmaker Eli Lilly profit hit by weak demand for pandemic drugs
RE
08:03aNigeria still processing telecom firm MTN's licence renewal
RE
08:02aAlibaba misses revenue estimates as e-commerce growth slows, regulatory crackdown persists
RE
08:02aAlibaba misses revenue estimates as e-commerce growth slows, regulatory crackdown persists
RE
07:59aRolls-Royce to sell Norwegian engine unit to UK's Langley Holdings -source
RE
07:56aOil rises as markets expect further fall in inventories
RE
07:53aCENTRAL BANK OF MALAYSIA : Joint Statement by Bank Negara Malaysia and Securities Commission Malaysia Advancing the Financial Sector's Response to Climate Risk
PU
Latest news "Economy & Forex"