Italy's Monte dei Paschi should not sell its Generali stake, investor Caltagirone says
Stake in Generali and Strategic Implications for Monte dei Paschi
(Removes extraneous word "to" in headline)
Background on Monte dei Paschi's Generali Stake
MILAN, May 14 (Reuters) - Banca Monte dei Paschi di Siena's (MPS) second-largest shareholder, Francesco Gaetano Caltagirone, said on Thursday that the Italian lender should not sell its stake in Italy's top insurer Generali.
Recent Acquisitions and Shareholder Influence
Last year, MPS bought merchant bank Mediobanca, which holds a 13% stake in Generali, where Caltagirone is also a key shareholder.
Management's Position on the Generali Stake
In its latest post-results analyst call, MPS CEO Luigi Lovaglio said that the bank was not tied to its stake in Generali, though he added he had not had time to consider scenarios that might justify a sale.
Caltagirone's Perspective on the Value of the Stake
"Generali gives a insurance component to (MPS) that all other banks are looking for. Why give it up?" Caltagirone told daily Corriere della Sera in an interview published on Thursday.
Reporting and Editorial Credits
(Reporting by Gianluca Semeraro, editing by Giulia Segreti)
