November 26, 2012 / 2:46 PM / 5 years ago

Cariplo foundation says will not up its Generali stake

MILAN, Nov 26 (Reuters) - Italy’s unlisted not-for-profit Cariplo Foundation will not increase the size of its 1.6 percent stake in Italy’s insurer Generali, Cariplo Chairman Giuseppe Guzzetti said on Monday.

According to financial newspaper Affari & Finanza, stakes in Generali that are due to be put on the block by Fondiaria-SAI , Mediobanca and the Bank of Italy in the coming months could tempt either Intesa Sanpaolo or banking foundation Fondazione Cariplo.

Guzzetti said the Fondazione Cariplo’s stake in Generali could not be increased because the foundation’s statutes forbid it from upping its exposure to listed groups. He said the foundation intends to continue to hold its stake in Generali.

Reporting by Gianluca Semeraro, writing by Jennifer Clark, editing by Antonella Ciancio

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