Although he is French, Antoine Bernheim, Generali's chairman, wants to keep his firm in Italian hands.

ECONOMIST: European insurance

Mr Galignani, furious at not even receiving the obligatory phone call from Mr Bernheim, sought to open negotiations.

ECONOMIST: Insurance mergers in Europe

Generali's non-executive chairman, Antoine Bernheim, is a partner at Mediobanca and sits on its board, as does Mr Gutty.

ECONOMIST: Insurance

Antoine Bernheim, one of France's most powerful investment bankers, had long thought that Athena would fit nicely with Generali, Italy's biggest insurer, whose board Mr Bernheim chairs.

ECONOMIST: Insurance mergers in Europe

Mr Bernheim is also a Mediobanca partner.

ECONOMIST: Insurance mergers in Europe

Mr Bernheim will not comment.

ECONOMIST: Generali��s nightmare continues