Generali edges in direction of takeover of Italian rival

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The international insurer Assicurazioni Generali has announced a voluntary takeover offer for all shares of the Italian insurer Società Cattolica di Assicurazione SPA.

As a result of the shares tendered in the offer, Generali will hold more than 66.67% of the issuer’s share capital with voting rights.

The offer will be advertised exclusively in Italy and addressed to all Cattolica shareholders on equal terms, Generali said.

The offer will not be made in the United States, Canada, Japan, Australia or any other jurisdiction in which the offer would not be permitted without the approval of the relevant authorities, Generali said.

Generali has tried to take over Cattolica, according to a Bloomberg report. The global insurer got closer to its goal last month when Warren Buffett’s Berkshire Hathaway agreed to sell its 7% stake in Cattolica to Generali.

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