Intesa Sanpaolo has purchased a 3% holding in Assicurazioni Generali as a preventative measure while pursuing a separate takeover bid for Monte dei Paschi, Chief Executive Carlo Messina told analysts on Monday. The bank said it will retain the Generali stake as an equity investment, rather than as a strategic control position.
The timing of the purchase coincides with Intesas launch of its bid for Monte dei Paschi earlier on Monday. Messina framed the move as a defensive step to stop Generali from forming a stake that could be used to mount a defensive position in Italys largest bank. He noted that Monte dei Paschi itself is a principal investor in Generali.
Messina recalled a previous episode when Intesa considered buying all of Generali in 2017. In that instance, once the potential deal became public, Generali acquired a stake in Intesa in response. To prevent a repeat of that dynamic, Intesa took the 3% Generali holding now. "You can make a mistake," he said. "What you cannot do is repeat it."
The chief executive also highlighted Italian rules governing cross-shareholdings, under which voting rights are frozen when two companies buy stakes in each other after an initial investment. Messina presented Intesas rationale as pragmatic and narrowly focused on avoiding prior mistakes rather than seeking control over Generali.
On the Monte dei Paschi bid, Messina expressed confidence that Intesa will meet the targeted acceptance threshold. He said the bank maintains constructive relations with key Monte dei Paschi shareholders including Delfin and Caltagirone, and described Intesas engagement with the lender as friendly toward its investors. He said he is convinced the bank will secure backing from the main shareholders.
Messina reiterated that Intesa does not intend to interfere with Generalis management despite owning the stake. He framed the acquisition as a precautionary equity investment aimed at avoiding the defensive share purchases that complicated earlier takeover discussions.
Context limitations: The comments reported here reflect Messinas statements to analysts; additional details about the terms of the Generali stake or subsequent actions by either company were not provided.