MILAN, July 10 (Reuters) - Italy’s leading insurer Generali said on Wednesday it raised 216.7 million euros ($277.07 million) in a share placement to fund its acquisition of the 7 percent of Generali Deutschland it does not already own.
Generali sold treasury shares worth around 1 percent of its capital at 13.95 euros each. This was towards the bottom end of the 13.90 to 14.25 euro range the shares, according to traders, had been offered at.
The placement to institutional investors raises the group’s Solvency I ratio by 1.2 percentage points, Generali said.
After buying 3 percent of Generali Deutschland’s shares and launching a squeeze-out of the remaining 4 percent, Generali plans to delist the German unit. ($1 = 0.7821 euros) (Reporting By Isla Binnie, editing by Stephen Jewkes)