MILAN (Reuters) – The board of Italy’s Cattolica Assicurazioni (MI:) said on Monday its shareholders would vote on the group’s transformation into a joint-stock company on July 30 or 31.
The change of status is one of the terms of an agreement signed with Generali (MI:), aimed at boosting the capital position of the Verona-based insurer.
Last week Generali agreed to buy a 24.4% stake in Cattolica through an upcoming 300 million euro ($338.16 million) reserved capital increase.
Generali also has the option to subscribe pro-rata to an up to 200 million euros cash call Cattolica is set to approve by July.
Warren Buffett’s Berkshire Hathaway (N:) is currently the top investor in Cattolica with a 9% stake.
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