June 29, 2020 / 9:34 PM / a month ago

Italy's Cattolica to vote on change of company status end July

MILAN (Reuters) - The board of Italy’s Cattolica Assicurazioni (CASS.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 (GASI.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 (BRKa.N) is currently the top investor in Cattolica with a 9% stake.

Reporting by Gianluca Semeraro and Claudia Cristoferi

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