Italy's Generali to Buy Remaining Cattolica Shares
July 13 2022 - 2:13AM
Dow Jones News
By Mauro Orru
Assicurazioni Generali SpA said it would buy shares of Cattolica
Assicurazioni SC that it doesn't yet own after it secured
near-total control over its former rival.
The Italian insurance giant said late Tuesday that it now owns
more than 95% of Cattolica, effectively giving it a mandate to buy
out the remaining shares.
Generali launched a bid in May 2021 that valued Cattolica at
more than one billion euros ($1 billion), as it looked to tighten
its grip on the domestic insurance market.
The company said it would pay EUR6.75 for each remaining share
of Cattolica, the same price it paid for all other shares.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 13, 2022 01:58 ET (05:58 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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