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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

Italy's Finint considers joint bid for Cattolica stake, sources say

Tue 23rd February, 2021 8:48pm
MILAN, Feb 23 (Reuters) - Finint is working on a plan that
would see the Italian investment bank and other investors buy a
10% stake in insurer Cattolica  CASS.MI , two sources close to
the matter said on Tuesday.
    The move could help beef up Cattolica's capital base after
insurance watchdog IVASS took aim at the company over its
capital and governance. 
    In January, the regulator urged the insurer to take action,
including selling its shares and speeding up the second tranche
of a proposed capital increase of 500 million euros.
    Finint and other investors mainly based in the Veneto
region, in Italy's industrial northeast, want to acquire the
shares that Cattolica owns, the sources said, adding that talks
were at a preliminary stage.
    Cattolica, which is based in Veneto, owns shares equivalent
to 12.3% of its capital.
    Cattolica and Finint declined to comment.
    Italy's largest insurer Generali  GASI.MI  last June agreed
to invest 300 million euros to subscribe to a reserved capital
increase at Cattolica, becoming its main investor with a 24.4%
stake, ahead of Warren Buffett's Berkshire Hathaway  BRKa.N ,
which has a 9% stake.  urn:newsml:reuters.com:*:nL8N2E20PC

 (Reporting by Andrea Mandalà; Editing by Valentina Za and Paul
Simao)
 ((andrea.mandala@thomsonreuters.com; +390680307738;))
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