(Bloomberg) – Allianz SE, Europe's largest insurer, is in discussions with Assicurazioni Generali SpA as it weighs a bid for the company's French operations, according to people familiar with the matter.

Allianz executives are uncertain whether a combination with the French insurance business would be approved by regulators, and the companies may not reach a deal, one of the people said, asking not to be identified because the deliberations are private.

Spokesmen for Allianz and Generali declined to comment.

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