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Cattolica shares spike after Berkshire Hathaway agrees to buy stake

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Cattolica shares spike after Berkshire Hathaway agrees to buy stake

Shares in Società Cattolica di Assicurazione - Società Cooperativa jumped Oct. 6 after a company controlled by Berkshire Hathaway Inc. agreed to acquire a 9.047% stake in the Italian insurer from Banca Popolare di Vicenza SpA, Reuters and Bloomberg News reported.

The Berkshire-controlled company will acquire the shares at €7.35 apiece for a total of €115.9 million, according to the reports.

Cattolica shares opened around €8.63 on Oct. 6 after closing the previous day at €7.31, according to data from S&P Global Market Intelligence. Shares in the insurer ended the week at about €8.58.