Generali Now Controls 84% of Takeover Target Cattolica
04 November 2021 - 1:31PM
Dow Jones News
By Ed Frankl
Assicurazioni Generali SpA said Thursday that it had made
further progress toward a full takeover of rival Cattolica
Assicurazioni SC.
Italy's largest insurer said it now owns 84.475% of its smaller
peer, with 60.803% of the share capital targeted by its offer
tendered.
Generali's Chief Executive Philippe Donnet said it will
strengthen the company's position in the Italian market and among
large European insurers.
"The transaction will make it possible to further integrate the
business models of Generali and Cattolica, as has already
transpired since the creation of the partnership signed in June
2020, and will deliver significant value creation for all
stakeholders," he added.
The news prompted investment bank Oddo BHF to raise its 2022 and
2023 earnings-per-share forecasts for Generali by 2.3% and 3.1%
respectively.
Oddo also predicted operating-profit growth in Generali's
nine-month earnings, despite high natural-catastrophe losses in the
third quarter.
Generali will publish nine-month results on Nov. 11.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 04, 2021 08:16 ET (12:16 GMT)
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