UniCredit plans to double stake in Generali to 12 via Delfin
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9 days · 11 summary articles
UniCredit is moving to double its stake in Italy’s largest insurer, Assicurazioni Generali, through its investment vehicle Delfin, the Milan-based daily *Il Sole 24 Ore* reported on Thursday. The lender, which already holds a 6.2% stake in Generali, is seeking to increase its position to around 12% via a market acquisition facilitated by Delfin, according to the report .
The move comes as Generali, one of Europe’s largest insurers by market value, continues to navigate a period of strategic repositioning under chief executive Philippe Donnet. UniCredit’s potential expansion would make it one of the insurer’s top non-strategic shareholders, though still well below the influence of sovereign wealth funds and founding families. The transaction is expected to be structured as a block trade, with Delfin acting as the purchasing vehicle, the report stated.
In a separate but related development, Greece’s power grid operator ADMIE Participations on Thursday announced strong demand for its €530 million capital increase, with the offer significantly oversubscribed . The company, which operates Greece’s electricity transmission system, said the issue attracted bids exceeding the total offering size, signaling robust investor appetite amid broader European energy market consolidation.
Meanwhile, European defense and dual-use technology investment is surging, with German venture firm Earlybird and AVP, the investment arm of French insurer AXA, launching a €500 million fund focused on early-stage defense and dual-use startups across Europe . The E2D fund will target companies developing technologies with both civilian and military applications, reflecting growing public and private sector interest in Europe’s strategic autonomy agenda.
The defense sector’s resurgence is also drawing scrutiny from sustainability-focused investors. German automaker Mercedes-Benz and telecom giant Deutsche Telekom have recently expanded partnerships with defense contractors, raising concerns among ESG fund managers about potential exclusions from sustainable investment portfolios, according to *Frankfurter Allgemeine Zeitung* .
In the technology sector, French cloud provider OVHcloud on Thursday outlined plans to develop its own frontier AI models, aiming to become Europe’s second-largest large language model player after Mistral AI. CEO Octave Klaba revealed at VivaTech in Paris that the company has already pre-trained a model on the Jupiter supercomputer and plans to open-source the family once performance meets standards .
Swedish biofuel startup Kvasir Technologies raised €10 million in a Series A round led by European Energy, while legal tech firm Turbo Law secured $3.8 million in seed funding led by Revo Capital, both announced on Thursday . In a separate transaction, private equity group EQT agreed to acquire testing and certification firm Intertek for $14 billion, according to a report by *Financial Times* .
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