Trieste 04/04/2013 - Assicurazioni Generali announces the successful completion of the placement of 13,666,593 ordinary shares in Banca Generali to institutional investors, corresponding to approximately 12% of the bank’s share capital, at a price of € 13.55 per ordinary share following an accelerated bookbuilt offering. The transaction will be settled upon delivery of shares and payment of consideration on April 9, 2013.
Gross proceeds from the placement amounted to € 185.2 million, resulting in a capital gain of approximately € 143 million, which translates into an increase in the Group’s Solvency I ratio of 1.5 percentage points. The capital gain will be reported directly within shareholders' equity, with no material effect on net result. As already announced, after the completion of the placement, Generali continues to hold a controlling shareholding in Banca Generali amounting to 51.5% of the bank’s share capital.
In connection with the transaction and in line with market practice, Generali has agreed to a 6-month lockup period with respect to sales of additional shares of Banca Generali. Generali has further agreed to other customary terms and conditions for the placement.
UBS and Mediobanca acted as Joint Global Coordinators and Joint Bookrunners for the placement.
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