Generali moves towards takeover of Italian rival

Voluntary tender offer on all shares has begun

Generali moves towards takeover of Italian rival

Insurance News

By Ryan Smith

International insurer Assicurazioni Generali has announced that it has launched a voluntary tender offer on all the shares of Italian insurer Società Cattolica di Assicurazione SPA.

As a result of the shares tendered to thae offer, Generali will hold a stake exceeding 66.67% of the share capital of the issuer with voting rights.

The offer will be promoted exclusively in Italy and will be addressed on equal terms to all Cattolica shareholders, Generali said.

The offer will not be made in the US, Canada, Japan, Australia or any other jurisdictions where making the offer would not be allowed without approval of the relevant authorities, Generali said.

Generali has been seeking to take over Cattolica, according to a Bloomberg report. The global insurer edged closer to its goal last month when Warren Buffett’s Berkshire Hathaway agreed to sell its 7% stake in Cattolica to Generali.

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