Generali Launches EUR1.18 Billion Offer for Italian Insurer Cattolica
31 May 2021 - 06:00PM
Dow Jones News
By Pietro Lombardi
Assicurazioni Generali SpA has launched a 1.18 billion-euro
($1.44 billion) takeover offer for smaller peer Societa Cattolica
di Assicurazione SpA in a bid to consolidate its position in the
insurance market in Italy.
The Italian insurer said Monday that it is offering EUR6.75 for
each share in Cattolica, which corresponds to a premium of roughly
15% on the May 28 closing price.
It expects to pay up to EUR1.18 billion.
The deal will be paid for with existing funds and the company
doesn't expect to take on additional debt.
If the bid is successful, Generali plans to delist
Cattolica.
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
May 31, 2021 03:53 ET (07:53 GMT)
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