The second biggest insurer in Portugal will likely become part of either Italian giant Generali or Spain’s Grupo Catalana Occidente, according to Reuters sources.
Apollo-owned Tranquilidade, whose sale is estimated to be worth as much as £537 million (US$682 million), is the rope in the tug of war between the abovementioned frontrunners. The news agency’s sources said binding bids were put forward earlier this month.
Meanwhile, if the sources are to be believed, it looks like Tranquilidade’s fate will be sealed sometime in the middle of July when a final decision is expected to be reached.
