Mediobanca CEO: we have been studying the Banca Generali deal for the past 5 years

April 28 (Reuters) – Mediobanca CEO Albergo Nagel tells press conference:

* WE’VE BEEN STUDYING A POSSIBLE BANCA GENERALI DEAL FOR AT LEAST FIVE YEARS

* GIVEN CURRENT MARKET PRICES USING ALL OR NEARLY ALL OF THE GENERALI STAKE WE CAN PAY FOR BANCA GENERALI WITHOUT ASKING ANYTHING TO OUR SHAREHOLDERS

* THIS DEAL WOULD TRANSFORM US INTO GENERALI’S MOST IMPORTANT PARTNER IN ITALY TO DISTRIBUTE INSURANCE AND ASSET MANAGEMENT PRODUCTS

* OUR OFFER VALUES BANCA GENERALI SHARES ABOVE THEIR RECORD HIGH, WE THINK IT WILL BE INTERESTING FOR GENERALI

* IF WE ARE LEFT WITH A FEW GENERALI SHARES WE WOULD BE SELLING THEM ON THE MARKET

* OUR GOAL IS TO SECURE SUFFICIENT TAKE-UP IN BANCA GENERALI BID TO MERGE IT INTO MEDIOBANCA

* WE WOULD USE LEFTOVER GENERALI STAKE IF BANCA GENERALI BID TAKE UP IS JUST 50% PLUS ONE TO GET WHERE WE NEED TO BE FOR MERGER

* BANCA GENERALI DEAL IS NOT ‘TECHNICALLY SPEAKING DEFENSIVE’ IN RELATION TO MONTE DEI PASCHI BID BUT AIMS TO MAKE MEDIOBANCA ‘MORE BEAUTIFUL’

* WE THINK THAT IF OUR SHAREHOLDERS BACK THE BANCA GENERALI DEAL THEY OPT FOR A TYPE OF PROJECT WHICH IS DIFFERENT FROM WHAT MONTE DEI PASCHI IS PROPOSING

* WE HAVE STARTED DISCUSSIONS WITH ALL RELEVANT AUTHORITIES IN RELATION TO BANCA GENERALI BID

* MEDIOBANCA CEO: MANY HAVE ACCUSED US, RIGHTLY OR WRONGLY, TO RELY EXCESSIVELY ON GENERALI IN THE PAST, THIS IS A ‘FINANCIALLY VALID’ SOLUTION TO THAT ISSUE

* WE WOULD BE CREATING AN ITALIAN PLAYER IN ASSET MANAGEMENT WHICH IS SOMETHING THAT IS DEAR TO OUR GOVERNMENT Further company coverage: (Reporting by Milan Newsroom)