Generali closer to controlling Cattolica after Buffett tenders shares – source

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

MILAN (Reuters) – Warren Buffett’s Berkshire Hathaway has tendered its stake in Cattolica under a takeover offer by Assicurazioni Generali, a source close to the situation said on Friday.

The move brings Italy’s top insurer a step closer to controlling its smaller rival after Generali announced a 1.17 billion euro ($1.36 billion) buyout offer on Cattolica in May to further strengthen its domestic market leadership.

The Trieste-based company became Cattolica’s single largest shareholder with a 23.7% stake last year, relegating Berkshire Hathaway to second place when excluding the 12.3% held by Cattolica itself.

Buffett’s Berkshire Hathaway has tendered its 6.93%, the source said, confirming an earlier report by news agency Radiocor.

So far, 24.77% of the shares subject to the offer, or 18.9% of the total capital, have been tendered in the bid, which ends on Oct. 29, Borsa Italiana said in a statement without giving further details.

That implies that Generali would hold at least 42.6% of Cattolica, nearing the 50% plus one share threshold that the company has set as a condition of the offer.

($1 = 0.8601 euros)

(Reporting by Andrea Mandala and Gianluca Semeraro, editing by Louise Heavens, Kirsten Donovan)

Source Link Generali closer to controlling Cattolica after Buffett tenders shares – source

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.