Italy’s Billionaire Benetton Family Plans to Boost Stake in Generali, Say Sources

Italy’s billionaire Benetton family plans to boost its stake in Assicurazioni Generali SpA, the country’s biggest insurer, to as much as 2 percent as part of a strategy to increase investments in the financial industry, according to people familiar with the matter. Generali shares gained as much as 2.8 percent in Milan to the highest level since January 2016. The stock was up 1 percent at 4:38 p.m, giving the company a market value of 25.3 billion euros ($31.4 billion). The Italian family hired former Telecom Italia SpA Chief Executive Officer Marco Patuano in 2016 to design a new strategy for its $13.5 billion investment company.The acquisition of about 1 percent in Generali would cost the Benettons about 250 million euros at current market prices. Edizione was among investors who had expressed interest in buying motorbike maker Ducati Motor Holding SpA from Volkswagen AG last year before VW decided not to proceed with the sale.