(Reuters) – Italian bank Mediobanca said on Monday it launched an offer to acquire Banca Generali, a private bank controlled by the country’s top insurer Assicurazioni Generali, for 6.3 billion euros ($7.15 billion).
Mediobanca said it would finance the merger by selling shares worth the same amount in Assicurazioni Generali.
The exchange offer translates to a deal price of 54.17 euros per share, a 11% premium to Banca Generali’s last close.
The deal aims to merge Banca Generali into the Mediobanca Group Wealth Management Division, the company said.
($1 = 0.8807 euros)
(Reporting by Abinaya Vijayaraghavan; Editing by Nivedita Bhattacharjee and Rashmi Aich)
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