By Mauro Orru

Assicurazioni Generali SpA said it would buy shares of Cattolica Assicurazioni SC that it doesn't yet own after it secured near-total control over its former rival.

The Italian insurance giant said late Tuesday that it now owns more than 95% of Cattolica, effectively giving it a mandate to buy out the remaining shares.

Generali launched a bid in May 2021 that valued Cattolica at more than one billion euros ($1 billion), as it looked to tighten its grip on the domestic insurance market.

The company said it would pay EUR6.75 for each remaining share of Cattolica, the same price it paid for all other shares.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 13, 2022 01:58 ET (05:58 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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