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Italy's Generali buys 3 percent of Intesa in defensive move

Reuters

MILAN (Reuters) - Italy's biggest insurer Assicurazioni Generali (GASI.MI) said on Monday it had bought voting rights equal to 3.01 percent of Intesa Sanpaolo's (ISP.MI) share capital, effectively blocking the lender from acquiring a large stake in itself.

According to Italy's cross-shareholding regulations, a company cannot hold more than 3 percent of another entity's voting rights if the latter already has a stake of more than 3 percent in the former one.

Generali's biggest shareholder is Intesa's domestic rival investment bank Mediobanca (MDBI.MI).

The move comes after La Stampa daily reported over the weekend that Intesa was studying a possible investment in Generali which could be part of an accord with Germany's Allianz (ALVG.DE).

(Reporting by Agnieszka Flak; editing by Silvia Aloisi)