Italy’s top insurer Generali secured a majority stake in Cattolica on Thursday through its 1.17 billion euro buyout offer for the smaller rival, aimed at further strengthening its domestic leadership.
So far, 39.54% of the shares subject to the offer, or just over 30% of Cattolica’s total capital have been tendered in the bid, which ends on Oct. 29, bourse data showed.
With the shares already owned ahead of the offer, Generali now holds a stake in Cattolica of just under 54%, above the 50% plus one share threshold it has set as a condition of the offer.
Generali first moved on Cattolica last year, coming to its rescue with a 300 million euro investment after supervisors told the Verona-based insurer to bolster its finances.
The Trieste-based company became Cattolica’s single largest shareholder with a 23.7% stake last year, relegating Warren Buffett’s Berkshire Hathaway to second place.
Earlier last week Berkshire Hathaway tendered its 6.9% stake under the takeover offer.
Source: Reuters.com