EDIZIONE Holding plans to invest EUR 250 million to double its share in GENERALI
EDIZIONE Holding - one of the largest Italian investment group owned by the BENETTON family, plans to double its stake in insurer GENERALI to around 2%, wrote Reuters quoting a banking source."EDIZIONE Holding declined to comment on the issue", wrote Reuters.
EDIZIONE Holding is cash-rich after having sold a majority stake in airport retailer WORLD DUTY FREE in 2015. The acquisition of about 1% in GENERALI would cost about EUR 250 million at current market prices.Currently, EDIZIONE Holding owns a stake of 0.94% in GENERALI and plans to boost its stake in Trieste-based insurer, "to as much as 2% as part of a strategy to increase investments in the financial industry", according to people familiar with the matter announced Bloomberg.
The source quoted by Bloomberg notes that "the BENETTONS' investment vehicle (...), has already started to purchase GENERALI stock on the market".
EDIZIONE Holding is headed since 2016 by Marco PATUANO, the former TELECOM Italia Chief Executive Officer.
EDIZIONE Holding controls toll-road and airport operator ATLANTIA, the AUTOGRILL restaurant chain, but also has investments in the clothing, insurance and real estate sectors.
According to its website, at the end of 2016 EDIZIONE reported consolidated revenues of EUR 11.6 billion and the subsidiaries of the Group employ more than 64,000 people. At December 2016 EDIZIONE's net asset value amounted to euro 11 billion.