MILAN Feb 2 Shares in Generali rose greater than 4 p.c on Thursday, with merchants cited market discuss a bid for the insurer from Italy’s largest retail financial institution Intesa Sanpaolo was not far away.

One of the merchants stated there have been rumours that Intesa Sanpaolo was readying a money and paper deal valuing Generali at 17 euros per share.

A spokesman for Intesa Sanpaolo categorically denied attainable bid for Italy’s largest insurer was on the agenda of board conferences scheduled for Thursday and Friday.

At 1001 GMT Generali shares have been up 4.4 p.c at 15.3 euros.

Intesa stated final week it was analyzing a attainable tie-up with Generali in what could be one in every of Europe’s largest offers of this sort.

(Reporting by Giancarlo Navach and Paola Arosio, writing by Stephen Jewkes)

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