MILAN, June 11 (Reuters) – Generali SpA Chief
Executive Officer Mario Greco took another step towards meeting
a 4 billion euro ($5.3 billion)disposal target, agreeing to sell
out of two Mexican companies for $858 million.
The Italian insurer said it would bag a net capital gain of
500 million euros from the sale of 49 percent stakes in Seguros
Banorte Generali, the larger or the two assets, and Pensiones
Banorte Generali to Grupo Financiero Banorte, Mexico’s No.4
MILAN (Reuters) – A group of investors led by Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz) Chairman Marco Tronchetti Provera will launch a takeover bid for the company that controls the Italian tire maker, in a move that will consolidate the executive’s grip on the business.
MILAN/PARIS (Reuters) – Italy’s biggest insurer Generali (GASI.MI: Quote, Profile, Research, Stock Buzz) said on Tuesday that it had agreed to sell its U.S. life reinsurance business to France’s Scor (SCOR.PA: Quote, Profile, Research, Stock Buzz) for total proceeds of $920 million as part of its strategy to shed non-core assets.
The deal, under which Scor is paying 579 million euros ($750 million) in cash plus an additional amount for whatever the unit earns this year before the deal’s expected completion in the second half, will make Scor the largest U.S. life reinsurer.
MILAN, May 29 (Reuters) – Italian manufacturers have started
to turn to foreign makers of flat steel, fearing supply
disruptions at crisis-hit ILVA, their usual provider now mired
in an environmental and corruption inquiry.
The giant ILVA plant in the southern town of Taranto, which
makes 40 percent of Italy’s steel, is at the centre of a
judicial probe over its toxic emissions.