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Assicurazioni Generali SpA to Take Full Control of Generali Deutschland Holding AG


Tuesday, 9 Jul 2013 01:33pm EDT 

Assicurazioni Generali SpA (Generali) announced that it intends to take full control of Generali Deutschland Holding AG by purchasing the 7% minority stake. Generali has agreed to acquire a 3% stake in Generali Deutschland Holding from a group of private investors, which will take it beyond the 95% equity stake threshold. Consequently, Generali intends to exercise its right and start the squeeze-out procedure of the outstanding 4% stake in order to take full equity control of the company. Following this transaction, which is expected to be completed by the end of the first semester 2014, Generali will retain the entire net result of Generali Deutschland Holding, equal to EUR 504 million in fiscal year 2012. In addition, after the transaction and the delisting of Generali Deutschland Holding’s shares, Generali expects to achieve tax efficiencies, arising from a fiscal unity to be subsequently implemented in Germany, and additional operational synergies. Including these efficiencies and depending on the squeeze-out price, the investment is expected to be accretive on an earnings per share basis. To support the deal, Generali started the placement of up to 15.5 million own shares, equating to approximately 1% of the share capital, in line with the Group’s goal to manage its capital and liquidity efficiently. Together with this placement, the acquisition of 7% of Generali Deutschland Holding will be broadly neutral in terms of Solvency I.