By Pietro Lombardi 
 

Assicurazioni Generali SpA has launched a 1.18 billion-euro ($1.44 billion) takeover offer for smaller peer Societa Cattolica di Assicurazione SpA in a bid to consolidate its position in the insurance market in Italy.

The Italian insurer said Monday that it is offering EUR6.75 for each share in Cattolica, which corresponds to a premium of roughly 15% on the May 28 closing price.

It expects to pay up to EUR1.18 billion.

The deal will be paid for with existing funds and the company doesn't expect to take on additional debt.

If the bid is successful, Generali plans to delist Cattolica.

 

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

 

(END) Dow Jones Newswires

May 31, 2021 03:53 ET (07:53 GMT)

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