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05-Feb-2018
Tianying China interested in Generali
SAPO
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The process of sale of Generali in Portugal has changed in terms of the conditions and
requirements to the candidates. Recently another candidate emerged, the Chinese group of
waste management which bought life insurance and Groupama Groupama Insurances.
The Portuguese subsidiary of China Tianying (Benefits and Increases) – that it has
completed the purchase of all of the French company in Portugal, after arriving at the end of
the year, the green light from the competition authority (AdC) put forward a proposal for the
purchase of Generali in Portugal.
The Italian company is on sale since last year and in the list of stakeholders is also Apollo,
which owns the tranquility and Report (insurance companies), the Caravel, Liberty and
Allianz. The Germans came to fruition as Favorites, but the attention of the Italian company
found themselves now for the Chinese.
The fact that the CaixaBank have clarified that maintains the commercial alliance with
Allianz in BPI (where the insurer is a shareholder with 8.4%) helped the Germans would
have as much commitment in acquisitions in Portugal.
The Generali Group hired Barclays Bank as a financial advisor in the sale of the unit in
Portugal.
The insurance company led by José Araújo Alves (chairman) and by Santi Cianci (CEO) is
part of the list of divestments of Italian Generali. Sources familiar with the matter reveal that
if they don't get a satisfactory proposal, the Italians are part of the Generali Portugal in
Generali Spain.
The Generali Group is Portugal in Portugal since 1942, but only in 2015 the change of
registration of branch of Assicurazioni Generali for a limited company to operate in Portugal
as national law firm. In the insurer, in Portugal, has a market share of 3.45%.
This is more of a sales transaction the Chinese, after the insurer Lusitania has been sold to
the Clean Energy Finance Corp. (CEFC) China, a group of the energy sector. The
transaction, whose value was not disclosed, comes in the wake of a partnership signed
between the Chinese and the Mutualist Association, owner of the Montepio, an agreement
that involves several stakes in financial firms.
The transaction is still subject to shareholder approval and the Portuguese regulator. The
Montepio Safe includes the Lusitania Seguros, Lusitania and no Life Insurance.
Insurance companies in Portugal are being bought by foreigners and this time all the
companies of the group box and the Royal Agricultural credit Life Insurance (with
headquarters in Porto) are.
The Chinese group Fosun, which has bought 25.16% of BCP fidelity by 1.1 billion, and
shortly after the insurer invested in Fosun international a value that is almost equivalent to
the price the Fosun paid (billion), among other investments in assets the real estate group.
The insurer bought after the light health. The following year, Fosun had to strengthen the
capital of Fidelity in 500 million.
In addition to the Faithfulness, tranquility and the Report were bought by American Fund
Apollo.
The sale is also the GNB Life (of the new Bank), which is the first bank which is active under
the capitalization Fund quota mechanism of Resolution to be sold.
In the race to the GNB (ex-BES life) Life is Apollo (owner of Tranquillity), a Spanish group
and a Dutch group, Nationale-Nederlanden.
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