Shareholders in Cattolica Assicurazioni, an Italian cooperative insurer, approved its conversion into a joint-stock company on Friday, according to a Reuters report. The approval clears the way for a tie-up with Generali. Nearly 71% of shareholders agreed to the conversion, just above the required two-thirds majority.
Last month, Generali agreed to buy 24.4% of Cattolica and signed a multi-year partnership in asset management, healthcare, the internet of things, and reinsurance, Reuters reported. The investment will make Generali the largest shareholder in Cattolica.
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