Generali, agreement with Telefonica. Further step towards strategic goals

Milan – Following today’s communication by Telco regarding the agreement between the Italian shareholders and Telefonica, the Generali Group CEO Mario Greco said: “We are satisfied with this agreement which is consistent with our targets in terms of capital strengthening and allows us to look with optimism at the distribution of a satisfying dividend at year-end.”

Furthermore, Generali says that the net impairment of the Telco stake will be  approximately € 65 million and will be registered in the third quarter of 2013. The agreement defines in a clear way the available windows to exit Telco – the first in June 2014, the second in February 2015 – and reduces the capital risks deriving from the potential future disposal to Telefonica.