General-Natixis agreement, the government asks for guarantees to the Italian group

There would be great concerns about the agreement between General and French COPD by the Government, which required guarantees regarding the maintenance of control by the Italian group on the allocation of the savings collected in the country. The confirmation came from three sources very close to the issue.

The agreement between Generali and Natixis

The non -binding agreement between Generali and COPD reached this month aims to create the largest European asset manager for turnover, combining the activities of Generali Investments Holding (Gih) e Natixis Investment Managers.

The operation will lead to the creation of one of the main global operators in the asset management sector, with 1,900 billion euros of assets under management. Generali Investments (GIH) will contribute with over 630 billion euros in Asset Under Management, while COPD, through Natixis Investment Managers, will bring 1,300 billion euros, as confirmed by the GERO CEO of Generali, Philippe Kminit, At the press conference.

Generali and Bpce have declared that they will keep full decision -making autonomy on the allocation of their respective assets. Based on the agreement, their management will be centralized in a joint venture, equally detained by Natixis Investment Managers (Natixis IM) and Generali Investments Holding (GIH), which has Taiwanese insurance among its minority investors Cathay Life with 16.75%.

On the sidelines of the investor day, Childdefined the agreement “a unique, strategic opportunity for Generali, to build a leading subject in Europe and in the world. This operation will create a lot of value for Generali, and brings benefits to customers “.

Government concerns

The government requires greater clarifications regarding the distinction between the figures of Asset Owner (owner of the assets) e asset manager (asset manager) as part of this operation. According to Fonti, Rome has always claimed to carefully examine all contracts before authorizing the operations that included in its sphere of competence. Even more when there are on the pitch 5,000 billion euros of the financial wealth of the Italians, a resource deemed fundamental by Giorgia Meloni to finish the public debt of 3,000 billion euros.

The agreement in question is subject to the approval of the Italian government, in accordance with the legislation on Golden Power, which confers in Rome the right to protect companies considered of national strategic importance from unwanted interests. In the application of these rules, it is necessary to take into account the Treaties of the European Union that protect the free movement of capital, effectively limiting any other power of intervention. However, the government can establish conditions for the operation to ensure that the key decision -making centers remain in Italy, as confirmed one of the sources.

During the presentation of the operation to the markets January 21stChild, said that the government had been informed in advance of the operation, so there should have been no surprise. However, due to the confidentiality agreements that bind Generali’s managers, the government representatives were unable to obtain the details they wanted, reported one of the sources. The same source added that the contacts between the parties will continue and that a new meeting is scheduled for next week.