“The success of this operation consolidates Generali's leadership in the Italian insurance market and its positioning among the main European insurance groups, in line with the objectives of the 'Generali 2021' strategic plan. The broad response received from the market testifies to the validity of our offer”. With these words Philippe Donnet, CEO of Generali, comments on the official results of the totalitarian takeover bid launched by Leone on Cattolica Insurance.
At the end of the operation "138.842.677 shares have been tendered - reports the Trieste group - equal to approximately 79,660% of the shares involved in the offer and 60,803% of the issuer's share capital”. Generali thus comes to hold the 84,475% of Cattolica Insurance. The consideration paid for each share is equal to 6,75 euros (a figure which includes the coupons relating to any dividends distributed by the Verona-based company). Payment is due for tomorrow, November 5th.
According to Donnet, the positive result of the takeover bid "will allow for the best integration of the business models of Generali and Cattolica, as already emerged on the occasion of the partnership signed in June 2020, and will allow for a significant value creation for all stakeholders".
Marco Sesana, country manager and CEO of Generali Italia, added: “With Cattolica we will further strengthen our support to the real economy, generating benefits for all stakeholders, especially customers and the people who work there. The operation will make it possible to further enhance the distinctive areas of Cattolica, making Generali Italia's innovation and technology available”.
The success of the takeover bid “allows Generali to speed up the business diversification in favor of the Non-Life segment – continues the note from the group – and confirms the commitment to pursuing the Group's profitable growth, creating value for customers in line with Generali's ambition to be a Partner for Life”.
Generali also underlines that it has established, thanks to the strategic partnership already underway between the two groups, a path "of integration with precise milestones and effective execution mechanisms". Leo expects to achieve so “important synergies through economies of scale”, concludes the note.
