(Reuters) – Warren Buffett's Berkshire Hathaway Insurance Co. has given up its stake in Cattolica under a takeover bid from the Assicurazioni Generali, a source close to the situation said on Friday. controls its minor rival after Generali announced a € 1.17 billion ($ 1.36 billion) offer on Cattolica in May to further strengthen its domestic leadership.
The Trieste-based company became Cattolica's single largest shareholder with a 23.7% stake last year, moving Berkshire Hathaway to second place excluding the 12.3% held by Cattolica itself.
Mr. Buffett's Berkshire Hathaway has left its 6.93%, the source said, confirming an earlier report from the news agency Radiocor.
To date, 24.77% of the shares covered by the offer, or 1
This means that Generali would hold at least 42.6% of Cattolica, close to 50% plus a threshold set by the company as a condition of the offer.