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Italy-based insurer Assicurazioni Generali S.p.A. and Spain-based Grupo Catalana Occidente, S.A. are vying to purchase Portuguese insurer Companhia de Seguros Tranquilidade S.A. for up to $682 million, Reuters reported citing sources. Generali and Catalana emerged as the two main bidders after an auction to buy the insurer from U.S.-based Apollo Global Management LLC.