The Serra family raises the price of the takeover bid to control 100% of Occidente.

BarcelonaThe Serra family has decided to increase the price of the takeover bid launched against Grupo Catalana Occidente (GCO) to achieve full control of the company, of which they already hold a majority. This decision was made by the board of directors of Inocsa, which directly and indirectly holds 61.951% of the capital in the GCO holding company, according to a communication to the National Securities Market Commission (CNMV). The takeover bid notification was accepted for processing by the stock market supervisor last May and is pending approval.

According to the notification, the offer price increases by 75 cents, to €49.75 per share. As an alternative, the proposal is to exchange one Class B share of a new Inocsa issue for every 43.9446 of GCO shares. The reference price for a new Class B share of Inocsa is €2,186.24.

Currently, around 34% of the insurer's capital fluctuates on the market, and half is in the hands of institutional investors. The objective is to increase direct control, and "if the thresholds established in the takeover bid regulations are reached, Inocsa intends to promote the delisting of GCO," according to the company. This operation, taking the shares off the stock market, can be carried out if approximately 75% of the shares are controlled. The Catalana Occidente group's stock market value exceeds €5.8 billion.

Currently, the group's vice president and CEO is Hugo Serra, son of the president, Josep Maria Serra. The company recently completed the simplification process for the insurance group. With the entry into force in 2025, NorteHispana began operating as Occidente. This concluded a process that began in 2023 when the Catalana Occidente brand was renamed Occidente and unified across all its subsidiaries, which, in addition to NorteHispana, include Plus Ultra Seguros and Seguros Bilbao. It also owns Crédito y Caución, Atradius, and Mémora.