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Generali/INA merger conditionally cleared - Insurance

United Kingdom
13/01/2000
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Background

Acquisition of INA by Generali. Generali is active in the insurance sector both in Italy and abroad, INA is one of the largest Italian insurers.

Assessment

The operation was cleared by the Commission, subject to various commitments given by the parties. As originally notified, the operation raised competition concerns in the Italian life insurance sector, in particular in the market for the insurance on the duration of human life and in the market for life insurance products connected with investment funds. The parties’ combined market power would have been increased by the fact that the new group would have been much stronger than its competitors in the most important distribution channels, i.e. in the agency and banking channels. The merged entity would have controlled approximately one quarter of the existing bank outlets in Italy.

In order to have their operation cleared, the parties have submitted the following commitments: Generali will divest its controlling stakes in three subsidiaries active in the life insurance sector, its shareholding in Fondiaria and INA's controlling interests in the bank insurance company Bnl Vita and in Banco di Napoli. Moreover, Generali will eliminate the interlocking directorships concerning the Board of Directors and Executive Committee of INA and reduce significantly those concerning its own Board and Executive Committee. (IP/00/29, 13 January 2000)

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