MILAN, April 13 (Reuters) - Italy’s biggest insurer Generali is set to discuss the possible acquisition of assets in Malaysia and Russia at a board meeting on Wednesday, two sources familiar with the matter said.
The Italian insurer is looking at assets of French rival AXA in Malaysia which could be worth around 700 million euros ($832 million), the sources said. It has also been looking at a possible acquisition in Russia.
The deals will be reviewed at a Generali strategic committee meeting on Tuesday and a board meeting the day after, one of the sources said, confirming an earlier report in Italian daily Il Sole 24 Ore.
“It’s a review, nothing is imminent,” one of the sources said.
Generali declined to comment.
Last month Generali missed out on a deal to buy Polish assets of UK insurer Aviva which went to Germany’s Allianz for 2.5 billion euros.
The Italian company was also monitoring a possible acquisition in Russia which could be worth about 2 billion euros though the project was still at a very early stage and complicated by geopolitical considerations. Sources said last month that Russian insurer RESO-Garantia was the prime target for acquisitions.
Generali CEO Philippe Donnet said last month the company had more than 2 billion euros for M&A and would look at opportunities with discipline.
$1 = 0.8413 euros Reporting by Gianluca Semeraro and Stephen Jewkes Editing by Susan Fenton