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Generali drops out from NN's asset manager sale - sources

By Reuters

LONDON – Italian insurer Assicurazioni Generali has dropped out from the sale of the asset management arm of Dutch rival NN Group NV, two sources familiar with the matter told Reuters.

Europe’s third biggest insurer initially looked at submitting a possible bid for the unit which oversees assets linked to NN’s life insurance products but was put off by its competitive valuation, one of the sources said.

Generali declined to comment while NN was not immediately available for comment.