10 July 2013
Italian insurer Assicurazioni Generali SpA plans to take full control of Generali Deutschland AG, the management holding company of Germany's second largest insurer. Generali has agreed to buy a 3 percent stake in the holding company from a group of private investors at an initial price of 105 euros per share, resulting in a total consideration of 171 million euros. This will take its stake in Generali Deutschland AG to 96 percent. Generali announced that it would its right to a "squeeze-out" procedure and acquire the remaining 4 percent of Generali Deutschland AG shares it does not already own.The squeeze-out procedure will see Generali subsidiary, Generali Beteiligungs-GmbH, offering the minority shareholders a cash compensation per share. The minimum will be calculated on the basis of the weighted average market price of Generali Deutschland AG shares over the last three months before the announcement.