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Article: GENERALI MAKES HOSTILE BID FOR INA: INA'S LIFE BUSINESS MAY ATTRACT OTHER POTENTIAL BUYERS.
- Article from:
- Business Insurance
- Article date:
- September 20, 1999
- Author:
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MILAN, Italy-No sooner had Italian bank Sanpaolo IMI and insurer Istituto Nazionale delle Assicurazioni S.p.A. announced they were considering an alliance than Trieste-based insurance giant Assicurazioni Generali S.p.A. jumped in last week with an offer for INA.
The unsolicited offer for INA comes less than four months after Antoine Bernheim was ousted as Generali's chairman amid speculation that Generali was planning to slow down its acquisition activity (BI, May 24).
Mr. Bernheim was dismissed at the end of April and replaced with Alfonso Desiata, the former chairman of Milan-based life insurer Alleanza Assicurazioni S.p.A., a majority-owned ...