Generali buys further 25 pct stake in GPH joint venture
MILAN, March 28
MILAN, March 28 (Reuters) - Italian insurer Generali increased its stake in GPH, an eastern European joint venture it holds with Czech group PPF, to 76 percent for 1.286 billion euros as planned, it said on Thursday.
Generali said on Jan. 8 it will buy out the rest of GPH from PPF for 2.5 billion euros ($3.3 billion), increasing its exposure to the fast-growing region which is Generali's fourth-largest market.
Generali's buyout of PPF's 50 percent stake in GPH will carried out in two stages, Generali said on Jan 8, with the first 25 percent acquired by March 28 and the rest at the end of 2014.
GPH is a leading insurer on the Central Eastern Europe market with a leadership position in many of the ten countries where it currently operates. (Reporting by Jennifer Clark)