EU: Commission clears Italy, Germany insurance alliance

The European Commission announced Wednesday that it has approved of the proposed merger between insurance companies UnipolSai and Allianz.

Reports say the $1.5 billion acquisition by Germany’s Allianz of Italy-based Unipol assets, first announced last March, is part of a move by Unipol to comply with an earlier antitrust ruling in its country.

Italian antitrust regulators required Unipol to divest assets following its acquisition of Fondiaria in 2012, reports say.

The European Commission said the deal does not raise significant competition concerns.

Full content: Reuters

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