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Birthday : 08/30/1930
Place of birth : Omaha (Omaha) - United States
Biography : Warren Edward Buffett is an American businessperson who has been at the head of 6 different companie

Generali closer to controlling Cattolica after Buffett tenders shares - source

10/22/2021 | 01:23pm EST
FILE PHOTO: The Generali logo is seen on the company's Tower

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)

© Reuters 2021
Stocks mentioned in the article
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ASSICURAZIONI GENERALI S.P.A. 2.26% 18.13 Delayed Quote.24.33%