Generali’s blitz on Cattolica. Il Leone has decided to promote a voluntary takeover bid on all the securities of the Veronese insurance company at a price of € 6.75 per share. The purchase offer, explains Trieste, “aims to consolidate its position in the Italian insurance market, in line with the guidelines of the Strategic Plan”. The acquisition, says Generali in a statement, “would allow” the group led by CEO Philippe Donnet to “become the first group in the non-life market and strengthen its presence in the life market”. The strategic partnership launched last year “highlighted the complementarity” of Cattolica’s business model with that of Generali, “in particular the large customer base focused on specific segments (agricultural, entrepreneurial and professional, religious world, associations , cooperative and small and medium-sized enterprises), the extensive and stable agency network, the strong orientation to support the local economy and a system of similar values. In this logic, the offer will make it possible to further enhance the distinctive characteristics of Cattolica, also thanks to the technological and dimensional contribution of Generali, allowing the realization of important economies of scale and industrial synergies, with particular attention to maintaining some essential elements of Cattolica such as: the protection of the identity and historical link of Cattolica with its territory of origin; maintaining the Cattolica brand; the enhancement of experiences and assets with reference to the agricultural-insurance sector, the third sector (associations and religious bodies) and bancassurance in a logic of development and enhancement of the activity ».
The offer provides for a premium of 15.3% compared to the stock market price on Friday and over 40% over the last six months and the goal is delisting. The maximum outlay would be 1.176 billion.