Assicurazioni Generali SpA (ARZGY.PK)
8 Dec 2016
* Dollar falls; low-rated euro zone bond yields fall (Updates market action, changes dateline, previous LONDON)
* Board gave favourable opinion to conversion of Monte dei Paschi subordinated debt into equity and mandated CEO to proceed
SIENA, Italy Shareholders in Monte dei Paschi di Siena approved a 5 billion euro ($5.3 billion) share issue on Thursday, the third cash call in as many years to keep Italy's third-biggest lender afloat.
MILAN/LONDON Italy's biggest insurer Generali is looking to raise at least 1 billion euros ($1.06 billion) by selling businesses in unattractive markets and is to cut costs in an effort to boost profit and capital.
* Shares among worst performers in STOXX 600 (Adds CFO comments, shares)
* CEO Philippe Donnet says Generali won't simultaneously convert Monte dei Paschi debt and invest in Italy's new bank loan fund Atlante 2
* CEO Philippe Donnet says Generali is close to appointing a country manager for Italy
* CEO Philippe Donnet says Generali is interested in small and mid-market companies that are easy to integrate and operate in markets where Generali is already a strong player
* CEO Philippe Donnet says Banca Generali is performing well and remains a core strategic asset
Nov 23 Assicurazioni Generali CEO Philippe Donnet says: