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Generali closer to controlling Cattolica after Buffett tenders shares

by Mike Robinson

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© Reuters. FILEPHOTO: On November 5, 2018, the Generali logo was seen in Milan’s CityLife area, Italy. REUTERS/Stefano Rellandini

MILAN, Reuters – Warren Buffett’s Berkshire Hathaway is offering Cattolica to Assicurazioni Generali for a takeover. A source close to the situation confirmed this on Friday.

It is now closer to taking control of its small rival, after Generali in May announced a Cattolica buyout offering for 1.17 billion euros ($1.36 billion). This was to increase its market share.

With a 23.7% share of Cattolica, the Trieste-based firm became Cattolica’s largest shareholder last year. Berkshire Hathaway was relegated to second position if you exclude Cattolica’s 12.3%.

The source confirmed that Buffett’s Berkshire Hathaway offered its 6.93%.

Borsa Italiana stated that 24.77%, 18.9%, and 18% of total capital have been offered in the current bid.

The offer would require Generali to hold at least 42.6% Cattolica. This is near the 50 plus 1 share threshold the company set.

($1 = 0.8601 euros)

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