Banca Generali S.p.A. (BGN.MI)

Italian private bank Banca Generali bids for broker Intermonte

MILAN (Reuters) -Italian private bank Banca Generali on Monday said it was launching a 98 million euro ($109 mln) all-cash buyout bid for Intermonte, to take the Milanese broker private and direct its services at Banca Generali clients. Shares in Intermonte failed to start trading at the market open, and were last indicated up 19.6%, broadly in line with the 21.9% premium over Friday's closing price of 2.49 euros being offered by Banca Generali, shares of which were flat. The deal highlights rising competition in the wealth management sector, where players that cannot compete in terms of scale are looking for market niches and a specialised product offer.