Warren Buffett Tenders Cattolica Stake as Generali Takeover Edges Closer, Source Says
October 22 2021 - 3:29PM
Dow Jones News
By Ed Frankl
Warren Buffett's Berkshire Hathaway Inc. has tendered its 6.9%
stake in Italian insurer Cattolica Assicurazioni SC as part of a
takeover bid by Assicurazioni Generali SpA, according to a person
familiar with the matter.
The move brings Generali close to having 50% of Cattolica under
its control, the person said, although Italy's largest insurer is
looking to reach 66.67% ownership as part of its tender offer.
Generali declined to comment. Berkshire Hathaway couldn't
immediately be reached for comment.
Trieste-based Generali has launched a 6.75-euro-a-share ($7.85)
takeover bid for all shares in its smaller rival, which would value
it around EUR1.59 billion.
Milan-listed Cattolica closed at EUR6.97, down 1.1%.
Shares could fall further on Monday as more investors warm to
the deal, which Cattolica's board in September called fair
value.
Generali controlled 24% of Cattolica ahead of its takeover
offer. The remaining shares as part of the bid are valued at about
EUR1.18 billion at the price of Generali's offer, with the
acceptance period due to close Oct. 29.
The move comes a day after the European Commission authorized
the takeover, Generali said late Thursday.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 22, 2021 15:14 ET (19:14 GMT)
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