Societa Cattolica Di Assicurazione SpA logo

CASS - Societa Cattolica Di Assicurazione SpA News Story

€5.59 -0.1  -2.4%

Last Trade - 24/01/22

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

UPDATE 1-Banco BPM takes full ownership of insurance JV with Cattolica

Tue 15th December, 2020 6:55pm
(Adds details)
    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 tie-up with
    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, was considering
a tie-up with smaller rival BPER, whose top investor is insurer
UnipolSAI  US.MI .*:nL1N2IQ1WN
    The sources had said UnipolSAI eyed Banco BPM's bigger
distribution network, rooted in Milan's wealthy Lombardy region,
betting Banco BPM could dissolve the partnership with Cattolica.
    Italy's third-largest bank said in a statement a change of
control at its business partner had prompted it to break up the
    Italy's biggest insurer Generali  GASI.MI  in June agreed to
buy 24.4% of Cattolica, leapfrogging Warren Buffett's Berkshire
Hathaway  BRKa.N  to become the single largest investor in the
Verona-based insurer.*:nL8N2E20PC
    Banco BPM said Cattolica challenged the view that a change
of control had taken place.
    Banco BPM in 2018 struck a 15-year insurance partnership
with Cattolica after selling a majority stake in another
insurance JV for 850 million euros.
    ($1 = 0.8226 euros)

 (Reporting by Valentina Za and Andrea Mandala; editing by
Agnieszka Flak and Tom Brown)
 ((; +39 02 6612 9526;))
© Stockopedia 2022, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.