Allianz has published the final voluntary public tender offer for shares in Italian insurer RAS before taking over the company.

Europe’s largest insurer has offered E19 per ordinary share and E55 per savings share for outstanding Riunione Adriatica di Sicurto stock. On completion of the offer, Allianz will own 76.3% of the ordinary share capital and 76.2% of the savings share capital, and the Munich-based group is proceeding with the plan to merge in December.

Investors who have not disposed of their shares by the end of the offer period will be asked to swap their Ras stock for Allianz’s.

With almost E14 billion in premium income, Italy is Allianz’s second most important European insurance market after Germany. With the acquisition of Ras, Allianz is hoping to boost profitability in Italy and enable the insurer to convert formally into a Societas Europaea (‘European Company’).