As part of the squeeze out procedure, Generali will pay 228 million to acquire the minority shares, equal to approximately 4%, of the subsidiary Generali Deutschland Holding. The operation will be financed with internal resources. This can be read in a note from the insurance group which today notified the subsidiary of the cash consideration for minority shareholders, set, on the basis of the valuation carried out by Kpmg, at 107,77 euros per share. The adequacy of the consideration will be examined by an expert auditor already appointed by the Regional Court of Cologne while the resolution on the squeeze-out procedure, communicated Gdh, will be taken by the extraordinary meeting scheduled for December 4, 2013. The squeeze-out had been announced last July 9, when the Lion of Trieste announced that it had risen to approximately 96% of the capital through the purchase of 3% from private investors.
Also today, Generali categorically denied the hypotheses in today's press regarding an exit by Sergio Balbinot, head of the insurance business and deputy to CEO Mario Greco, towards a possible position at the helm of ANIA, whose current president Aldo Minucci is engaged on the front Telecom as vice president and for this reason he could decide to take a step back from the insurance category association. Leone also specifies that the appointment of the president of ANIA takes place through a collegial process among the companies on the market.
