French insurer AXA SA (CS.FR) is evaluating the possibility of buying either parts of Fondiaria-SAI SpA (FSA.MI), the Italian insurer that has agreed to merge its operations with domestic peer Unipol Gruppo Finanziario (UNI.MI), or launch a full takeover offer, Italian daily La Stampa reports Tuesday, without citing sources.

The Italian paper adds that AXA's evaluation of Fondiaria-SAI's assets is at a very early stage, noting that a takeover operation would be very difficult because of the Unipol merger.

Newspaper website: www.lastampa.it

-Milan Bureau, Dow Jones Newswires; +39 02 5821 9901

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