(Reuters) – Italy's largest insurer, Generali, will discuss the possible acquisition of assets in Malaysia and Russia at a board meeting on Wednesday, say two sources familiar with the matter.
The Italian insurance company is looking at assets of French rival Axa SA in Malaysia that could be worth about 700 million euros (832 million dollars), the sources said. They have also looked at a possible acquisition in Russia.
The deal will be reviewed at a Generali Strategic Committee meeting on Tuesday and a board meeting the following day, says one of the sources, confirming an earlier report in the Italian daily Il Sole 24 Ore.
"It's a review, nothing is imminent," said one source.
Generali declined to comment.
Last month Generali missed an agreement to buy Polish assets from the British insurance company Aviva. PLC, which went to Germany's Allianz SE for 2.5 billion euros.
The Italian company also monitored a possible acquisition in Russia that could be worth around € 2 billion, although the project was still at a very early stage and complicated by geopolitical considerations. . Sources said last month that the Russian insurance company RESO-Garantia was the main target for acquisitions.
CEO Philippe Donnet said that last month the company had more than € 2 billion for M&A deals and would look at opportunities with discipline.