By Joshua Kirby

Assicurazioni Generali SpA has crossed the threshold in an all-share tender offer for smaller rival Assicurazioni Cattolica SC.

The Italian insurer said that as of Friday it had built a stake of more than 66.67% in Cattolica, crossing the threshold needed for a full takeover. Dow Jones Newswires reported Thursday that Generali's stake had reached around 54%.

The takeover, launched in May at a bid of EUR6.75 a share, has a value of around 1.18 billion euros ($1.38 billion). Prior to making the bid, Generali already held a stake of around 24% in Cattolica.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

Corrections and Amplifications

This was corrected at 11:51 a.m. ET because it misstated in the head and body that Generali was now launching an all-share tender offer and that the original bid was made last month. Assicurazioni Generali SpA said Friday that it crossed the minimum threshold in its all-share takeover bid for Cattolica Assicurazioni SC. The tender was launched in May.

(END) Dow Jones Newswires

10-29-21 1130ET