0832 GMT - Generali might end up with a rather small share of the combined entity with Natixis, which is the main downside of the deal, Jefferies says in a research note. The Italian insurer and the Natixis parent Groupe BPCE announced plans for a joint venture, which will be split 50-50. However, Generali enters the joint venture via Generali Investment Holding of which it only owns 83%. "Thus, it appears that Generali will own only 41.625% of this new business, and, as a result, may need to deconsolidate the asset management business, with only their net share recognized going forward," the notes. Generali shares trade flat at 29.5 euros. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 03:32 ET (08:32 GMT)
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