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Assicurazioni Generali SpA Completes Sale of Minority Stakes in Mexico to Grupo Financiero Banorte SAB De CV

Friday, 4 Oct 2013 01:00pm EDT 

Assicurazioni Generali SpA announced that it has completed the sale of its 49% minority stakes in the Mexican companies Seguros Banorte Generali and Pensiones Banorte Generali to Grupo Financiero Banorte SAB De CV, following the approvals by the relevant regulatory authorities. The transaction has been completed according to the terms of the agreement as disclosed on June 11, 2013. In particular, Generali has received on October 4, 2013 from Banorte a total gross consideration of USD 858 million, corresponding to an amount of EUR 631 million (based on a exchange rate of EUR 1 = USD 1.359). Through this deal Generali withdraws from a minority position which was not consistent with the Group strategy to actively manage and strengthen its capital position. 

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