TRIESTE. Generali’s voluntary takeover bid on Cattolica closed, based on the final results communicated by the advisor Equita, with 138,842,677 shares tendered, equal to 60.803% of the share capital of the insurance company (and approximately 79,660 % of the shares subject of the offer).
Taking into account the shares already in portfolio, a note specifies, Generali reaches 84.475% of Cattolica’s share capital. All the conditions of the offer have come true and the operation, Leone concludes, “is effective and can be completed” with the payment (€ 6.75 for each share tendered) which will take place on 5 November.
The Generali Group CEO, Philippe Donnet, stated: “The success of this operation consolidates Generali’s leadership in the Italian insurance market and its positioning among the main European insurance groups, in line with the objectives of the ‘Generali 2021’ strategic plan. . The wide response received from the market testifies to the validity of our offer, which ended within the announced deadline. The operation will make it possible to better integrate the business models of Generali and Cattolica, as already emerged on the occasion of the partnership signed in June 2020, and will allow significant value creation for all stakeholders “.
Marco Sesana, Country Manager & CEO of Generali Italia and Global Business Lines, commented: “With Cattolica we will further strengthen our support for the real economy, generating benefits for all stakeholders, in particular customers and the people who work there. The transaction will make it possible to further enhance the distinctive areas of Cattolica, making the innovation and technology of Generali Italia available. I want to give a warm welcome to all Cattolica colleagues and agents: in the coming months it will be a priority for us to meet them, listen to them and share with them all the advantages deriving from belonging to a large international group. We will continue to be at the service of communities and the territory, promoting local excellence, in addition to the commitment to support sustainable economic growth with particular attention to ESG criteria ”