By Ed Frankl 
 

Assicurazioni Generali SpA said late Thursday that it has received authorization from the European Commission for its purchase of fellow Italian insurer Cattolica Assicurazioni SC.

Generali, Italy's largest insurer, launched a 6.75 euro ($7.85) a share takeover for all shares in its smaller rival, valuing it at around EUR1.18 billion.

Cattolica's board in September said the offer was fair value. Italy's market regulator Consob has already given the green light to the takeover.

Generali said the antitrust condition among the conditions of the offer was now fulfilled.

The acceptance period will close on Oct. 29, Generali previously said.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

October 22, 2021 01:30 ET (05:30 GMT)

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