(Alliance News) - Following the launch of the exchange offer for Banca Monte dei Paschi di Siena and the acquisition of a 3% stake in Assicurazioni Generali via derivatives, Carlo Messina has sent a clear signal to the market and the Trieste-based insurer's leadership, describing it as a 'good company' while noting that any entity can be further improved.

As reported by Il Messaggero on Tuesday, the Intesa Sanpaolo CEO reiterated that the group's interest in Generali is focused on investment profitability rather than the company's operational management or governance.

However, should the MPS bid succeed, Intesa would find itself indirectly controlling a 13.3% stake in 'Il Leone' through Mediobanca, in addition to its 3% direct holding, thereby assuming a prominent role in the insurer's shareholder base.

The transaction would also help consolidate an Italian financial supply chain comprising MPS, Mediobanca, and Generali. The latter closed the trading session up 2.8% at EUR39.9 per share, a new all-time high. The insurance group manages approximately EUR900 billion in savings and holds around EUR40 billion in Italian government bonds.

Messina also highlighted the strategic value of the operation for national financial stability. With the integration of MPS, all sovereign bonds held by the Sienese bank would be incorporated into Intesa Sanpaolo's portfolio, bolstering support for Italian public debt through a larger domestic operator.

On the capital front, Intesa will benefit from the so-called 'Danish Compromise', the regulatory regime that allows for favorable treatment of insurance holdings owned by banks.

Furthermore, the 3% stake in Generali was acquired to prevent a repeat of the 2017 scenario, when Generali itself took a 3% stake in Intesa Sanpaolo to thwart its expansion ambitions.

By Antonio Di Giorgio, Alliance News reporter

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