Generali Achieves Minimum Threshold for Cattolica Offer, Source Says
October 28 2021 - 1:41PM
Dow Jones News
By Ed Frankl
Assicurazioni Generali SpA has secured around 54% in its bid to
take over Cattolica Assicurazioni SC, according to a source
familiar with the matter.
It means Italy's largest insurer has reached the minimum
threshold of its 6.75-euro-a-share ($7.85) bid for its smaller
rival, which values the latter at around EUR1.59 billion.
The news comes a day before the acceptance period for the offer
is due to close, on Oct. 29.
Investors tendered the equivalent of slightly more than 30% of
Cattolica's outstanding share capital up until the end of trading
on Thursday, according to Borsa Italiana data.
The company intends to proceed with a full takeover and is still
looking to secure all remaining shares, the source said.
Milan-listed Cattolica closed at EUR6.76, down 0.2%. Generali
shares closed up 0.5%.
Generali controlled 24% of Cattolica ahead of its takeover
offer.
The remaining shares beyond Generali's stake as part of the bid
are valued at about EUR1.18 billion at the price of Generali's
offer.
Last week, Warren Buffett's Berkshire Hathaway Inc. tendered its
6.9% stake in Cattolica.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 28, 2021 13:26 ET (17:26 GMT)
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