TRIESTE, Italy (AFX) - Assicurazioni Generali SpA has no plans to make a new, higher offer for German unit AMB Generali shares after one closed earlier in April, said co-CEO Giovanni Perisinotto.
Speaking at a news conference, chairman Antoine Bernheim said Generali has no need to hold 100 pct in all its units and that 51 pct is often sufficient to exercise management control.
In the case of AMB, Perisinotto said: 'Getting over the 75 pct level is important because there is no blocking 25 pct minority, which applies in some situations.
'We have offered a fair price. Those AMB shareholders who didn't accept the offer, in hope of a higher price in future, will be disappointed. That's not our policy,' he said.
On Generali's quoted unit Alleanza Assicurazioni SpA, Perisinotto said Alleanza's studies on returning excess capital to shareholders are 'advanced' and the board will decide soon.
However, he declined to comment on whether Generali favoured an extraordinary dividend or a share buy-back.
Generali has already ruled out making its offer for minorities in Alleanza. newsdesk@afxnews.com bam COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited