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Italy-based insurer Assicurazioni Generali S.p.A. has entered exclusive talks with U.S.-based Apollo Global Management LLC. to buy Portuguese insurer Companhia de Seguros Tranquilidade S.A., Reuters reported citing sources. Generali outbid Spanish insurer Grupo Catalana Occidente S.A. and is likely to buy Tranquilidade for up to €600 million ($673 million), the sources said.