Completed sale of minority stakes in Mexico
04 October 2013 - 19:24
Trieste – Generali announces that today it has completed the sale of its 49% minority stakes in the Mexican companies Seguros Banorte Generali and Pensiones Banorte Generali to Grupo Financiero Banorte, following the approvals by the relevant regulatory authorities.
The transaction has been completed according to the terms of the agreement as disclosed on June 11, 2013. In particular, Generali has received today from Banorte a total gross consideration of $858 million, corresponding to an amount of €631 (*) million.
Through this deal Generali withdraws from a minority position which was not consistent with the Group strategy to actively manage and strengthen its capital position.
(*) Based on a exchange rate of 1 Euro = 1.359 USD