THE PAPAL conclave is not the only powwow in Italy scheduled for May 7th. As the cardinal-electors process into the Sistine Chapel, the directors of Assicurazioni Generali, the country’s biggest insurer, will gather in Milan. On their minds (but not the agenda) is a €6.3bn ($7.2bn) offer for Banca Generali, a wealth manager of which the group owns half. The bid, made on April 28th by Mediobanca, Italy’s pivotal investment bank, is the latest effort to consolidate a crowded financial sector.
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