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The owners of France’s Natixis Investment Managers and Italian insurer Generali are poised to announce the end of their agreement to create a European asset management champion.
Two people close to the talks said the two companies would announce that they were ending plans to create a 50-50 joint venture as early as Thursday.
The agreement, which would have brought together two of the biggest European names in the sector, encountered opposition from the Italian government.
The companies would have needed approval from Rome, which has special powers over foreign investments in national strategic assets.
A tie-up was also opposed by Generali’s main shareholders.
Generali declined to comment. Natixis parent BPCE declined to comment.