Generali Launches All-Share Tender for Cattolica After Crossing Minimum Threshold
October 29 2021 - 11:45AM
Dow Jones News
By Joshua Kirby
Assicurazioni Generali SpA has launched an all-share tender
offer for smaller rival Assicurazioni Cattolica SC after achieving
the minimum stake threshold.
The Italian insurer said that as of Friday it had built a stake
of more than 66.67% in Cattolica, crossing the threshold needed for
a full takeover. Dow Jones Newswires reported Thursday that
Generali's stake had reached around 54%.
The takeover, launched last month at a bid of EUR6.75 a share,
has a value of around 1.18 billion euros ($1.38 billion). Prior to
making the bid, Generali already held a stake of around 24% in
Cattolica.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
October 29, 2021 11:30 ET (15:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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