Generali Chairman Says Min Contacted Co To Defend Tel Italia

TREISTE -(Dow Jones)- Assicurazioni Generali Chairman Antoine Berhneim said Saturday that Italian Finance Minister Tommaso Padoa Schioppa asked the Italian insurer to defend the "Italianess" of Telecom Italia.

Bernheim told Generali shareholders that Padoa Schioppa called him asking about the possibility of supporting an Italian defense of Italy's largest telecommunication company.

"I told Padoa Schioppa that Generali is an insurer and not a telecommunications company, noting however that in case of need, the company would have considered the opportunity," Bernheim said. "I added that I expected the Italian government to defend Generali's Italianess in case of a foreign hostile bid."

Generali is expected to join forces with its largest shareholder, Italian merchant bank Mediobanca; Italy's biggest retail bank, Intesa Sanpaolo; and Spain giant Telefonica to take control of Telecom Italia.

Mediobanca Chairman Gabriele Galateri di Genola, who is also a board member of Generali, Saturday confirmed that the Italian bank is working on a Telecom Italia plan.

-By Sabrina Cohen, Dow Jones Newswires; 39-347-3563-463; sabrina.cohen@dowjones.com

(END) Dow Jones Newswires"

Posted to the site on 28th April 2007