Italy-based health and life company Societa’ Cattolica di Assicurazione will issue ordinary shares on the Mercato Telematico Azionario (MTA), managed by the Borsa Italiana.
Generali Group received approval from the Italian regulator – the Istituto per la Vigilanza sulle Assicurazioni (Ivass) – on 17 September 2021 to acquire a controlling stake in Societa’ Cattolica, for an undisclosed sum.
While the announcement did not specify how many shares it will offer, each share is set at €6.75. If all the shares on offer are sold, their maximum value would be nearly €1.2bn (£1bn, $1.4bn).
International Adviser contacted Generali for more information, but it did not reply in time for publication.
Limited scope
The offer will be promoted “exclusively in Italy”, as Cattolica’s shares are listed on the MTA and the firm is subject to obligations and requirements set out by Italian law.
But Generali added that the offer notice “may be accessed in or from the UK exclusively” by:
- Persons having professional experience in matters relating to investments falling within the scope of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or,
- Financial services companies having significant net equity and by persons to whom the notice can be legitimately transmitted as they fall within the scope of Article 49(2), paragraphs from a to d of the order.Days after insurance giant acquired controlling stake in the firm #generali #italy
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