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Generali secures the majority of Cattolica's capital in a takeover bid



(Reuters) – Italy's major insurance company, Generali, secured a majority stake in Cattolica on Thursday through its € 1.17 billion buyout bid ($ 1.367 billion) for the smaller rival, which aims to further strengthen its domestic leadership. [19659002] 39.54% of the shares covered by the offer, or just over 30% of Cattolica's total capital, have been provided in the offer, which ends on October 29, stock market data showed. With the shares already owned before the offer, Generali now owns a share in Cattolica of just under 54%, above the threshold of 50% plus a share that it has set as a condition for the offer.

Generali first moved to Cattolica last.

Trieste-based Generali became Cattolica's single largest shareholder with a share of 23.7% last year. year, and demoted Warren Buffett's Berkshire Hathaway. to second place.

Earlier last week, Berkshire Hathaway put its 6.9% stake in the takeover bid.


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