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CORRECTED - Generali open to solution on Commerzbank deal

Sun Aug 31, 2008 4:26pm EDT

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(corrects Balbinot's title to co-chief executive from deputy chief executive)

MILAN, Aug 31 (Reuters) - Generali (GASI.MI) is open to finding an earlier solution for its agreement with Commerzbank (CBKG.DE) over insurance, which runs to 2010, now the German bank has struck a deal with rival Allianz (ALVG.DE), the Italian insurer's co-CEO said on Sunday.

"We've made clear we're open to discussing a solution on this matter that would safeguard the interests of all parties concerned," Sergio Balbinot said after a Commerzbank board meeting on Sunday.

Balbinot said Generali, which holds around 10 percent of Commerzbank, thought the deal with Allianz "makes strong strategic sense" for Commerzbank.

Commerzbank has agreed to buy Dresdner Bank from Allianz on Sunday in an all-German, cost-saving deal.



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