ROME – Italian insurer Assicurazioni Generali SpA (G.MI) said Tuesday it sold a 3.04% stake in Intesa Sanpaolo SpA (ISNPY, ISP.MI) , an exposure it had built to block a potential takeover from the lender.
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Generali also said it terminated a derivative transaction it had entered into to hedge the risk related to shares in Intesa.
In January, the insurer had emerged as a potential acquisition target after Intesa said it was weighing a tie-up with Generali, a prospect it abandoned a month later.
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(END) Dow Jones Newswires
May 30, 2017 12:50 ET (16:50 GMT)