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CORRECTED-Generali sells Mexican assets to Banorte for $858 mln
June 11, 2013 / 3:52 PM / 4 years ago

CORRECTED-Generali sells Mexican assets to Banorte for $858 mln

(Corrects headline to Banorte. No change in text)

MILAN, June 11 (Reuters) - Italy’s biggest insurer Generali has agreed to sell its minority stakes in two Mexican companies to Grupo Financiero Banorte for $858 million as it continues to push ahead with its planned sale of non-core assets.

Generali said it would bag a net capital gain of 500 million euros ($663.73 million) from the sale, which is going to add 4 percentage points to the insurer’s Solvency 1 ratio.

With the sale, the Trieste-based company has met more than half of its 4 billion euro disposal target. ($1 = 0.7533 euros) (Reporting By Lisa Jucca; editing by Stephen Jewkes)

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