By Joshua Kirby

Assicurazioni Generali SpA has launched an all-share tender offer for smaller rival Assicurazioni Cattolica SC after achieving the minimum stake threshold.

The Italian insurer said that as of Friday it had built a stake of more than 66.67% in Cattolica, crossing the threshold needed for a full takeover. Dow Jones Newswires reported Thursday that Generali's stake had reached around 54%.

The takeover, launched last month at a bid of EUR6.75 a share, has a value of around 1.18 billion euros ($1.38 billion). Prior to making the bid, Generali already held a stake of around 24% in Cattolica.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

October 29, 2021 11:30 ET (15:30 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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