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CASS - Societa Cattolica Di Assicurazione SpA News Story

€5.59 -0.1  -2.4%

Last Trade - 24/01/22

Sector
Financials
Size
Mid Cap
Market Cap £960.3m
Enterprise Value £1.60bn
Revenue £4.21bn
Position in Universe 159th / 737

Banco BPM takes full ownership of insurance JV with Cattolica

Tue 15th December, 2020 5:07pm
MILAN, Dec 15 (Reuters) - Italy's Banco BPM  BAMI.MI  said
on Tuesday it would resolve an insurance partnership with
Cattolica  CASS.MI  by acquiring full control of their
joint-ventures, in a move that may ease a mooted tied up with
BPER Banca  EMII.MI .
    Banco BPM said it would exercise a call option to buy the
65% stakes held by Cattolica in their Vera Vita and Vera
Assicurazione joint-ventures for an outlay of 335.7 million
euros ($408 million).
    Three sources familiar with the matter told Reuters last
week that Banco BPM, Italy's third-largest bank, is considering
a tie-up with smaller rival BPER, whose top investor is insurer
UnipolSAI  US.MI . urn:newsml:reuters.com:*:nL1N2IQ1WN
($1 = 0.8226 euros)

 (Reporting by Valentina Za; editing by Agnieszka Flak)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))
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