ROME — Italy’s UniCredit has purchased a stake in insurance coverage large Generali Group, in response to two individuals conversant in the matter, including one other twist to a byzantine banking battle brewing in Italy’s north.
Generali is within the crosshairs of a number of competing teams, together with the Rome-allied billionaire Del Vecchio and Caltagirone households, in addition to Milan-based funding financial institution Mediobanca.
UniCredit is individually making an attempt to take over Milan lender Banco BPM, wherein each teams additionally personal a stake. One of many individuals mentioned that whereas the acquisition of a stake by UniCredit was not an outright try to exert leverage over the billionaires’ bid for Generali, it’s going to have an “attention-grabbing” impact at a coming board assembly.
