Key Developments: Assicurazioni Generali SpA (GASI.MI)

GASI.MI on Milan Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Moody's upgrades Generali's outlook to stable and affirms rating at Baa1
Wednesday, 19 Feb 2014 02:37am EST 

Assicurazioni Generali SpA:Announces that the rating agency Moody's has announced today that it has affirmed Generali's IFS rating at Baa1 and changed the outlook from negative to stable.In addition, Fitch has affirmed Generali's senior debt rating at Baa2.  Full Article

Fitch affirms Assicurazioni Generali SpA's rating at A-
Thursday, 6 Feb 2014 12:14pm EST 

Assicurazioni Generali SpA:Says the rating agency Fitch has announced on Feb. 6 that it has affirmed Generali's IFS rating at A- with negative outlook.Says Fitch has also affirmed Generali's senior and subordinated notes at BBB+ and BBB-, respectively.  Full Article

Generali Deutschland Holding AG shareholders approve transfer of shares of remaining minority shareholders to Assicurazioni Generali S.p.A. - DJ
Wednesday, 4 Dec 2013 05:34pm EST 

Generali Deutschland Holding AG:At Generali Deutschland's EGM, shareholders approved transfer of shares of remaining minority shareholders to Assicurazioni Generali S.p.A. (G.MI) for 107.77 euros for each share, which companies called adequate cash compensation - Dow Jones.Squeeze-out was approved by majority of 99.3 pct of voting rights present at meeting.Assicurazioni Generali S.p.A. owned more than 96 pct of shares of Generali Deutschland before meeting.Says Assicurazioni Generali, as result, was entitled to demand squeeze-out of remaining minority shareholders.Squeeze-out of minority shareholders to become effective with filing in commercial register.After registration, stock-exchange trading with Generali Deutschland shares to be discontinued and admission of shares to regulated market to be revoked.  Full Article

Standard & Poor's places Assicurazioni Generali SpA in Credit Watch with negative implications
Tuesday, 26 Nov 2013 03:16pm EST 

Assicurazioni Generali SpA:Says rating agency Standard & Poor's has placed Generali in Credit Watch with negative implications.Says rating action followed Standard & Poor's adoption of a new methodology focusing on the relationship between the rating of the company and the country in which it is primarily based.Says Generali Group CEO Mario Greco takes note of the new criteria of S&P based on the default risk of the primary country of operations, however does not agree with decision to put Generali in Credit Watch negative.  Full Article

Assicurazioni Generali SpA Signs Agreement to Sell 100% in Fata Assicurazioni Danni SpA to Societa Cattolica di Assicurazione Sc
Wednesday, 20 Nov 2013 02:46pm EST 

Assicurazioni Generali SpA announced that it signed on November 20, 2013 an agreement with Societa Cattolica di Assicurazione Sc to sell 100% of the capital of Fata Assicurazioni Danni SpA for a total gross consideration of EUR 179 million. The transaction allows the Group to strengthen its liquidity and capital positions further. The Solvency I ratio improves by 0.6 percentage point. The consideration corresponds to an implied multiple of 15.5x on fiscal year 2012 earnings and 1.4x on fiscal year 2012 shareholders’ equity. The closing of the transaction is subject to the necessary regulatory approvals. The price of the deal is subject to a potential adjustment on the basis of certain changes in balance sheet items which might occur by the closing date expected in the first half of fiscal year 2014. KPMG Corporate Finance acted as financial advisor and Norton Rose Fulbright as legal advisor to Generali.  Full Article

Assicurazioni Generali SpA's Generali Properties Buys Allianz SE's Allianz Italia Stake in Milan's CityLife Real Estate Project-Reuters
Monday, 11 Nov 2013 07:00pm EST 

Reuters reported that Assicurazioni Generali SpA's Generali Properties (Generali) has agreed to buy for EUR 109 million a 33% stake owned by Allianz SE's Allianz Italia (Allianz) in Milan's CityLife real estate project. With the sale, Generali will become the sole shareholder of the CityLife consortium, which is re-developing 360,000 square meters in semi-central Milan. As part of the deal, Allianz has agreed to purchase the Isozaki Tower, one of three skyscrapers that are part of the project, and part of the residential district for EUR 367 million.  Full Article

Intesa Sanpaolo SpA Announces Completion of Offering of Ordinary Shares in Assicurazioni Generali SpA
Monday, 11 Nov 2013 03:59pm EST 

Intesa Sanpaolo SpA announced that it has sold approximately 21 million existing ordinary shares in Assicurazioni Generali SpA, corresponding to approximately 1.3% of Assicurazioni Generali's share capital, at a price of EUR 16.60 per ordinary share in an accelerated bookbuilt offering. Gross sales proceeds of the offering amount to EUR 347.8 million, representing a positive contribution to consolidated net income for Intesa Sanpaolo of approximately EUR 63 million. Following completion of this transaction, Intesa Sanpaolo in the fourth quarter 2013 has sold its entire holding in Assicurazioni Generali as at June 30, 2013, recording for the quarter a positive contribution to consolidated net income of approximately EUR 82 million. Banca IMI S.p.A. and UBS Limited acted as Joint Bookrunners in connection with the offering.  Full Article

Intesa Sanpaolo SpA Announces Offering of Ordinary Shares in Assicurazioni Generali SpA
Monday, 11 Nov 2013 11:40am EST 

Intesa Sanpaolo SpA announced that it has launched a placing (the Placing) of existing ordinary shares in Assicurazioni Generali SpA to institutional investors with final terms to be determined through a book-building process. The Placing comprises an offering of up to approximately 21 million existing ordinary shares representing approximately 1.3% of Assicurazioni Generali's share capital and corresponding to the entire stake to date held by Intesa Sanpaolo in Assicurazioni Generali. The book-building is commencing immediately and Intesa Sanpaolo reserves the right to close the books at any time. Intesa Sanpaolo will announce the outcome of the Placing upon its completion. Banca IMI S.p.A. and UBS Limited have been appointed by Intesa Sanpaolo to act as Joint Bookrunners for the Placing.  Full Article

Assicurazioni Generali SpA Informs Regarding Cash Compensation for Minority Shareholders of Generali Deutschland Holding AG-Reuters
Thursday, 17 Oct 2013 08:00pm EDT 

Reuters reported that Assicurazioni Generali SpA has set at EUR 107.77 (USD 150) per share the price it is willing to pay to purchase all the shares it does not already own in its unit Generali Deutschland Holding AG (GDH). The squeeze out will cost Generali, which is in the middle of a restructuring of its portfolio of holdings, approximately EUR 228 million , which will fund through internal resources. Generali said in July 2013 it had agreed to buy a 3% stake in Generali Deutschland from private investors and then launch a squeeze-out to acquire the remaining 4%. Generali stated that the adequacy of this cash compensation will be examined by the expert auditor already appointed by the Regional Court of Cologne. GDH announced that the squeeze-out resolution shall be adopted at an extraordinary shareholders’ meeting of GDH planned for December 4, 2013.  Full Article

Assicurazioni Generali SpA Simplifies Geographical Structure Into Seven Markets Adding EMEA and LatAm-Reuters
Monday, 14 Oct 2013 08:00pm EDT 

Reuters reported that Assicurazioni Generali SpA has redefined its geographical structure through the creation of two new regions, EMEA and LatAm, based on seven markets. The reorganization is in line with the strategy to simplify the Group and its governance. The new setup aims to optimize the Group’s international operations and will enable greater coordination between local businesses and the Head Office. This new structure will be composed of the business units of the three core markets – Italy, France and Germany – and four regional units: CEE and Asia, and the newly formed EMEA and LatAm. Each of the seven markets will report directly to the Group CEO, Mario Greco. The new region to be called EMEA consists of 12 countries – Austria, Belgium, Dubai, Greece, Guernsey, Ireland, Netherlands, Portugal, Spain, Switzerland, Tunisia and Turkey – and will be headed by Giovanni Liverani from November 1. The LatAm market with its six countries – Argentina, Brazil, Colombia, Ecuador, Guatemala and Panama – will be headed by Jaime Anchustegui from January 2014. Along with the seven markets, an international business unit is operating to manage the Global business lines (Corporate&Commercial, Europ Assistance and GEB).  Full Article

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Brazil's BTG Pactual buys Swiss wealth firm BSI for $1.7 billion

MILAN - Brazilian investment bank Grupo BTG Pactual is buying Swiss private bank BSI for a knock-down 1.5 billion Swiss francs ($1.7 billion), extending an overseas push by the Sao Paulo-based lender.

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