7/11/2008

Generali may bid for Turkey's Yapi Kredi Sigorta

Bloomberg - Assicurazioni Generali SpA is interested in bidding for Turkish insurer Yapi Kredi Sigorta AS, Il Sole 24 Ore reported, without revealing the source. UniCredit SpA, the Italian bank that co-owns Turkish lender Yapi & Kredi Bankasi AS with Turkey's Koc Holding AS, hired Merrill Lynch & Co. and UniCredit's investment-banking unit in February to manage a possible sale, the newspaper said. The Turkish insurance business has been valued at about 500 million Euros ($786 million) according to Il Sole. Generali, Italy's biggest insurer declined to comment to the newspaper. Fondiaria-Sai SpA, one of Generali's smaller domestic rivals is also interested in making an offer for the Turkish company, claimed Il Sole.
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