Generali fires low first shot for asset manager - Reuters

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The Generali logo is seen in Budapest, Hungary, November 29, 2019. REUTERS/Tamas Kaszas

Assicurazioni Generali’s (GASI.MI) lowball first shot at a Dutch asset manager looks likely to miss. The 27 billion euro Italian insurer submitted a non-binding offer for NN Group’s (NN.AS) asset management business, known as NN Investment Partners, at around 1.5 billion euros . Italian bank Intesa Sanpaolo (ISP.MI) also put in an offer on Thursday, according to Reuters .

The duo are not alone. Industry heavyweights Allianz (ALVG.DE), UBS (UBSG.S) and Deutsche Bank’s (DBKGn.DE) asset management unit DWS (DWSG.DE) have also thrown bids into the ring, according to Bloomberg. Generali’s tilt, equivalent to just 0.5% of NN’s assets under management, is unlikely to prevail. The price is a steep discount to the average 1.8% value-to-managed assets ratio for listed European firms like Schroders (SDR.L) or Ashmore (ASHM.L), according to data from Refinitiv. Given the long line of interested parties and European asset managers’ desire for scale, NN can expect a much juicier outcome. (By Aimee Donnellan)

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Generali fires low first shot for asset manager - Reuters
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