Shares are issued by a Generali Italian subsidiary
Days after the insurance behemoth bought a controlling position in the company,
Societa’ Cattolica di Assicurazione, a health and life insurance company located in Italy, will issue ordinary shares on the Mercato Telematico Azionario (MTA), which is managed by the Borsa Italiana.
On September 17, 2021, the Italian regulator, the Istituto per la Vigilanza sulle Assicurazioni (Ivass), approved Generali Group’s acquisition of a controlling share in Societa’ Cattolica for an unknown price.
While the announcement does not disclose the number of shares to be offered, each share is priced at €6.75. If all of the shares on offer are sold, the total value of the offering will be almost €1.2 billion (£1 billion).
Generali was contacted for more information by International Adviser, but it did not respond in time for publication.
Limited scope
Because Cattolica’s shares are listed on the MTA and the company is subject to Italian law’s obligations and regulations, the offer will be advertised “exclusively in Italy.”
However, according to Generali, the offer notice “may be accessed in or from the United Kingdom exclusively” by:
Financial services companies with significant net equity and by persons to whom the notice can be legitimately transmitted as they fall within the scope of Article 49(2), paragraphs a to d of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or
Financial services companies with significant net equity and by persons to whom the notice can be legitimately transmitted as they fall within the scope of Article 49(2), paragraphs a to d of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.