Banca Generali shares rise on report Generali may bid

Intesa Sanpaolo

08/10/2026 11:09

MILAN, Oct 8 (Reuters) - Shares in Banca Generali BGN.MI rose on Thursday, making it one of the top performers on the Milan bourse, after Italian media reported that parent Generali GASI.MI could be preparing a takeover bid for the private bank.
A person close to the matter said on Thursday there was "no evidence" to support the report. An Italy-based portfolio manager said some investors were giving the scenario "at least some credibility."
Generali holds a 50.2% stake in Banca Generali, which has been at centre of the Italian banking consolidation drive for several years. Buying the shares it does not already own would cost about €3.5 billion  ($3.9 billion) at current market prices, excluding any takeover premium.
On October 29, the Italian lender Banca Monte dei Paschi (MPS) BMPS.MI shareholders are due to vote on the Tuscan bank's bid for the private bank, a deal seen as key to its efforts to fend off a takeover approach by Intesa Sanpaolo ISP.MI.
However, MPS's path to completing its bid for Banca Generali appears increasingly challenging after three of the bank's largest shareholders backed Intesa Sanpaolo's offer.
If Intesa's offer succeeds, Italy's biggest bank would also gain control of the roughly 13% stake in Generali that MPS currently holds through Mediobanca MDBI.MI. 
According to Italian newspaper Il Giornale, Generali's move should be interpreted as anti-Intesa.
If Generali made an all-share offer for Banca Generali, Intesa's stake would fall below 13% once its bid for MPS was completed.
As of 0940 GMT, Banca Generali shares were up 1.75%, making the lender one of the few gainers in the sector as Italy's bank index fell 2.5%. Trading volumes showed no unusual activity.
($1 = 0.8938 euros)

 (Reporting by Gianluca Semeraro, editing by Keith Weir)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))