MILAN (Reuters) – Italy’s leading insurer Generali is expected to enter into exclusive negotiations with Crédit Agricole by the end of the year with a view to acquiring its insurance subsidiary La Médicale, we learned from Tuesday. from a source familiar with the matter.
The Medical, branch of Crédit Agricole Assurances dedicated to health professionals, could be valued around 400 million euros, said this source.
The Italian group, whose three-year strategic plan for strengthening ends this year, still has around one billion euros of the four billion invested in the group’s growth and M&A operations announced in 2018. Generali targets in particular the European and Asian markets.
Philippe Donnet, managing director of the group since 2016, whose mandate expires in April, has been the target of criticism from two major shareholders of Generali, Francesco Gaetano Caltagirone and Leonardo Del Vecchio.
The two Italian businessmen deem the French acquisition strategy too timid and plead in favor of further growth of Generali.
The Bloomberg agency was the first to report this information.
(Report Gianluca Semeraro, French version Myriam Rivet, edited by Jean-Michel Bélot)
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