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Provider: Reuters Investment Profile
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Provider: Thomson Reuters StreetEvents

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Assicurazioni Generali SpA Sells Stake in Agora, Holding Company Controlling Save SpA

Tuesday, 8 Oct 2013 12:11pm EDT 

Assicurazioni Generali SpA announced that, on October 8, 2013, it sold to a company wholly owned by Finanziaria Internazionale Holding SpA (Finint), its entire stake of 33.49% of the share capital of Agora Investimenti Srl – the company controlling Save SpA. The deal was closed for a total gross consideration of approx. EUR 60 million, reflecting a EUR 13 per share valuation of Save. Allegro Sarl, the company managing the fund through which Generali held the Agora stake, executed the sale. The sale is part of Generali’s strategy to withdraw from non-core businesses and optimize capital allocation. The deal is expected to generate a positive return for Generali. As part of the deal, the shareholders’ agreement between the Generali Group and Finint, related to the management of their stakes in Agora and consequently in Marco Polo Holding Srl (99.99% controlled by Agora) and in Save SpA (in which Marco Polo Holding Srl holds a stake of 40.123%) has been terminated on October 8, 2013, ahead of its expiration date of October 14, 2013. 

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