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    Home > Finance > Generali says deal with France's Natixis won't reduce tax bill in Italy
    Finance

    Generali says deal with France's Natixis won't reduce tax bill in Italy

    Published by Global Banking & Finance Review®

    Posted on February 4, 2025

    1 min read

    Last updated: January 26, 2026

    Image depicting the logos of Generali and Natixis, highlighting their proposed asset management merger. This collaboration aims to create Europe's largest asset manager, though Generali asserts it won't reduce its Italian tax obligations.
    Generali and Natixis logos representing their asset management deal - Global Banking & Finance Review
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    Quick Summary

    Generali's merger with Natixis won't cut Italian taxes, possibly increasing due to new corporate structure and dividend taxation.

    Generali's Natixis Deal and Italian Tax Implications

    ROME (Reuters) - Italy's biggest insurance group Generali said on Tuesday that its proposed asset management tie-up with France's Natixis would not lead to any reduction of its Italian tax bill.

    Generali entered into a non-binding agreement with Natixis-owner BPCE to merge into a NewCo the operations of Generali Investments Holding (GIH) and Natixis Investment Managers, aiming to form Europe's largest asset manager by revenue.

    On Tuesday, the Italian company said the deal would not result in any value transfer outside of Italy, nor to any reduction of taxes payable in the country.

    It added it was "plausible" that its Italian tax burden would actually increase due to the creation of another level in the corporate chain in Italy, resulting in further taxation of dividends, and the increase in expected taxable dividends for Generali due to the creation of value generated by the NewCo.

    Generali also said it was not its intention, and "nor are there any contractual provisions that could compel it to – reduce its stake or governance rights in (the) NewCo" to be formed with BPCE.

    (Writing by Francesca Piscioneri, editing by Alvise Armellini)

    Key Takeaways

    • •Generali's deal with Natixis won't lower Italian taxes.
    • •The merger aims to create Europe's largest asset manager.
    • •Generali's Italian tax burden may increase.
    • •No value transfer outside Italy is expected.
    • •Generali retains its stake and governance rights in NewCo.

    Frequently Asked Questions about Generali says deal with France's Natixis won't reduce tax bill in Italy

    1What is the main topic?

    The main topic is Generali's asset management deal with Natixis and its impact on Italian taxes.

    2Will Generali's tax bill in Italy decrease?

    No, Generali stated the deal will not reduce its Italian tax bill and may actually increase it.

    3What is the purpose of the Generali-Natixis deal?

    The deal aims to form Europe's largest asset manager by revenue through a merger.

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