Italian businessman Francesco Gaetano Caltagirone has recently raised his stake in insurer Generali to 8%, MF newspaper reported on Tuesday, citing financial sources.
A spokesperson for Caltagirone had no immediate comment.
According to MF, the businessman strengthened his position in Generali via put and call contracts underwritten with Banca Finnat.
Caltagirone spent overall about 500 million euros ($524.20 million) for the investment, plus 15 million euros in commissions and taxes, MF said.
The paper also reported that Deutsche Bank had provided funding for the operation, but this was denied by a source close to the matter.
($1 = 0.9538 euros)
(Reporting by Alvise Armellini, editing by Francesca Piscioneri and Stefano Bernabei)
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