The second biggest insurer in Portugal will likely become part of either Italian giant Generali or Spain’s Grupo Catalana Occidente, according to Reuters sources.
Apollo-owned Tranquilidade, whose sale is estimated to be worth as much as US$682 million (AU$973.4 million), is the rope in the tug of war between the abovementioned frontrunners. The news agency’s sources said binding bids were put forward earlier this month.
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