UniCredit Raises Generali Stake After Earlier Signaling Cut

UniCredit SpA boosted its stake in Assicurazioni Generali SpA to 8.7%, despite earlier indications that it planned to trim the holding.

The bank is the insurer third-largest shareholder of Generali, according to a statement of the Trieste-based insurer detailing the shares deposited for the upcoming annual meeting. As recently as October, UniCredit Chief Executive Officer Andrea Orcel said the stake was under 5%, and indicated he planned to reduce it further.