UniCredit Is Said to Have Reduced Generali Stake to About 2%

UniCredit SpA has reduced its stake in Assicurazioni Generali SpA to around 2% as part of a previously announced divestment strategy from the insurer.

UniCredit, which disclosed a holding of 6.7% in April, lowered the stake in a first step to about 5% in July before cutting it further, according to people with knowledge of the matter. The divestment has led to gains and will continue over the time, they said, asking not to be identified as the matter is private.

A spokeswoman for UniCredit declined to comment.

UniCredit built up the holding ahead of a Generali shareholder meeting in ...