June 11, 2014 / 10:22 AM / 4 years ago

EU clears Allianz acquisition of UnipolSai assets

BRUSSELS, June 11 (Reuters) - The EU Commission said on Wednesday it had cleared the sale of non-life insurance assets by Italy’s UnipolSai to Germany’s Allianz.

In March Unipol agreed to sell assets with premiums worth about 1.1 billion euros ($1.50 billion)to the German insurer, a move it said would allow it to comply with Italian regulators.

Italy’s antitrust authority had ordered Unipol to sell a portfolio of assets with premiums worth about 1.7 billion euros after it agreed to buy troubled rival Fondiaria-SAI in 2012.

The Commission, which examined the deal under the normal merger review procedure, concluded that it would not raise competition concerns citing limited overlaps.

$1 = 0.7345 Euros Reporting by Francesco Guarascio, writing by Stephen Jewkes

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