Italy's biggest insurer Generali on Wednesday said it would acquire full control of an insurance joint-venture in China by buying out local partner CNPC Capital for around 99 million euros ($108 million). The acquisition of a 51% stake in the Generali China Insurance (GCI) follows CNPC Capital's decision, it disclosed in November, to launch a public tender for its stake in its partnership with the Italian insurer. It is the first instance in which a foreign insurer has gained control of a property and casualty insurer in China by acquiring a controlling stake through a public auction from a single state-owned entity, Generali said.
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