AXA sets eyes on FonSai’s assets

France’s insurance group AXA is understood to be ready to bid for portfolio assets that Italian insurers Unipol and Fondiaria-SAI will be forced to sell, as part of a four-way merger under implementation between the companies.

According to press reports, the French insurer has mandated UniCredit and Credit Suisse to advice on the deal.

AXA has so far declined to comment. A few months ago, the French firm was rumoured to have an insterest to acquire Fondiaria when the company was still in search of a partner able to rescue the business.

The Italian press added that German insurer Allianz, Switzerland’s Zurich Insurance Group, Italy’s Cattolica and US Liberty International have also set their eyes on the same assets.

Unipol agreed to take over Fondiaria back in January and it will sell 1.7bn assets to comply with requirements imposed by Italy’s antitrust authorities.



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