Rome Office Advises Germany's Second Largest Insurance Group
ROME (16 September 2008) — McDermott Will & Emery's Rome office is advising the ERGO Insurance Group (ERGO), Germany's second largest insurance group, in the privatisation and reorganisation of its Italian operations. ERGO has begun the transaction process by announcing the launch of a tender offer on the outstanding shares of its Italian listed subsidiary ERGO Previdenza. The offer aims to delist the shares of ERGO Previdenza from the stock exchange and, possibly, to squeeze-out the minority shareholders. Subsequently, ERGO Previdenza will be merged with its parent company and/or other companies of the group. The tender offer and delisting of ERGO Previdenza is expected to close in the fourth quarter of 2008. The entire restructuring process is expected to be completed during the third quarter of 2009.
ERGO is assisted by corporate partners Filippo Mazza and Carsten Steinhauer of McDermott's Rome office. With longstanding experience of M&A private and public transactions, Filippo and Carsten have been assisting the ERGO Group in all relevant corporate transactions in Italy since its takeover of Bayerische Vita S.p.A. in 2000.
