MILAN | Thu Dec 20, 2012 1:35pm EST
MILAN Dec 20 (Reuters) - Italian insurer Unipol has sold its 1.07 percent stake in larger rival Assicurazioni Generali to comply with demands by the competition watchdog, Unipol's chief executive, Carlo Cimbri, said on Thursday.
"The stake in Generali was sold during the first days of December to comply with commitments made to the antitrust (authority)," he said.
Cimbri was speaking in a conference call following the approval of terms of a four-way merger with the Fondiaria-SAI group that will create the country's second-largest insurer behind Generali.
He confirmed Unipol would sell its 3.8 percent stake in Mediobanca in 2013 as well as plans to sell premiums for 1.7 billion euros ($2.3 billion), mainly in the motor insurance sector. ($1 = 0.7555 euros) (Reporting By Andrea Mandala)
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