MILAN - Italy's top insurer Generali has raised its stake in smaller rival Cattolica Assicurazioni to 91.5% after a reverse accelerated book-building (RABB) procedure, it said on Tuesday.
Generali paid around 105.3 million euros ($112.91 million) to buy further 15,604,182 Cattolica's shares - or around 6.8% of its capital - at a price of 6.75 euro each, it added.
Last October Generali sealed its 1.17 billion euro takeover of the smaller rival in a move aimed at cementing its domestic market leadership.
With its shareholding in Cattolica now at over 90%, Generali will give remaining investors the right to sell out their shares, as per regulatory rules, before it can proceed to squeeze them out and delist the company should it reach the 95% threshold.
($1 = 0.9326 euros)
