January 8, 2013 / 8:47 AM / 5 years ago

Generali's PPF JV to pay dividend before buyout

PRAGUE, Jan 8 (Reuters) - Part of Italian Generali's agreement to buy the 49 percent of an insurance joint venture with Czech group PPF that it does not already own includes a 352 million euro dividend payment in the first quarter, PPF said on Tuesday.

The dividend will take place before the buyout concludes, and the joint venture, General PPF Holding (GPH), will pay the two shareholders - Generali and PPF - dividends representing 66 percent of profits in 2013 and 2014, PPF said.

Generali, Italy's largest insurer, said on Tuesday it had agreed to pay 2.5 billion euros ($3.27 billion) to buy PPF's 49 percent of the joint venture.

Reporting by Jason Hovet; Editing by Michael Winfrey

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