Catalana Occidente shares surge after majority shareholder launches bid

Grupo Catalana Occidente SA

28/03/2025 08:52

** Shares of Spanish insurance company Grupo Catalana Occidente GCO.MC rise about 17% after its majority shareholder Inoc launched a bid to buy the shares it does not yet own

** Inoc, which already holds 62.03% stake in the company, is offering 50 euros ($53.93) per share, which represents a premium of about 18% versus Thursday's closing price

** Shares are on track for their best day ever

** Friday's gains add about 850 million euros to the group's market cap which now stands at about 5.1 billion euros

 (Reporting by Joao Manuel Mauricio)

 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))