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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

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
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, was considering
a tie-up with smaller rival BPER, whose top investor is insurer
UnipolSAI  US.MI . urn:newsml:reuters.com:*: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
JVs.
    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.  urn:newsml:reuters.com:*: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)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))
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