UPDATE: Generali CEO: Nothing Changed With Commerzbank Deal
June 30 2009 - 9:24AM
Dow Jones News
Assicurazioni Generali SpA's (G.MI) co-Chief Executive Sergio
Balbinot said Tuesday that the company's existing distribution
agreement with German lender Commerzbank AG (CBK.XE) hasn't
changed.
According to a German press report, Generali has asked German
Finance Minister Peer Steinbrueck to make sure that Commerzbank
continues to market Generali's products after October 2010.
In a telephone interview, Balbinot said that from Generali's
point of view, "nothing has changed." He added that "Generali has
always stuck to its own commitments" and "in this case we will do
so, fulfilling the engagements undertaken with all counterparts in
the negotiations which led to the creation of
Commerzbank-Dresdner."
From October 2010, Commerzbank plans to exclusively market
products from insurer Allianz SE (AZ), from which it recently
acquired Dresdner Bank. Commerzbank therefore gave notice in May it
will cancel its cooperation with Generali.
A Generali spokeswoman added that its stake of approximately 6%
in Commerzbank is already written at fair value in Generali's
consolidated financial statements, in line with current
International Financial Reporting Standards.
The German state now holds a stake of 25% plus one share in
Commerzbank.
German finance ministry spokesman Stefan Olbermann Tuesday said
the government never comments on any letter sent to the minister.
"I can assure you that our principle hasn't changed, namely that
the federal government as a shareholder in Commerzbank is not
influencing Commerzbank's business decisions," Olbermann said.
At 1250 GMT, shares of Generali were trading up 0.6% at
EUR14.92, in line with the Milan FTSE Mib index, while shares of
Commerzbank were +1%
-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906;
sabrina.cohen@dowjones.com
(Andrea Thomas in Berlin contributed to the story.)