– The Generali group announced the participation of the Crt Foundation, with its 1.232%, in the shareholders’ agreement for consultation between the Caltagirone Group and Delfin di Del Vecchio. With the entry of the Turin entity, the agreement now represents 12.334% of the capital of the insurance group.
Therefore, maneuvers continue in view of the renewal of the board of directors of Generali and the governance of the main insurance company in the country after the changes introduced by the articles of association which provide for the presentation of a list by the board itself.
One of the central points of the Generali ‘construction site’ is the role of the group ceo, Philippe Donnet, who has given availability for a new mandate (the third) but which is in the sights of two of the group’s main shareholders: the vice president, Francesco Gaetano Caltagirone, and the patron of Luxottica, Leonardo Del Vecchio.
In recent days, the two entrepreneurs announced the Consultation Pact – to which the Crt Foundation has now joined – on their current (approximately 11%) and future shares, in view of the spring 2022 assembly to elect the cda.
Del Vecchio and Caltagirone, recalled a recent report by Equita, believe that Generali must grow by external lines to shorten the distance from rivals such as Axa, Allianz and Zurich, and that a managerial discontinuity is necessary to make a dimensional leap, contesting a Donnet too slow dimensional growth).
“If the scenario were to materialize with the presentation of 3 distinct lists (an expression of the board with the confirmation of Donnet, ‘private shareholders’ and Assogestioni), the institutional investors (who account for more than 40% of the capital) will have a decisive role “.
Faced with the market, the French manager builds on the results achieved: not only does he believe he has completed two strategic plans, in harmony with the guidelines approved by the entire board of directors, but is also ready to point out what has been done –
Since its appointment last week, it is the reasoning, Generali has had a total return for shareholders equal to 103%, higher than that of other insurance companies (the second is Zurich, with 99%), while the stock has risen by 57. % compared to 20% of the Stoxx 600 Insurance. “The board of directors will have to decide whether or not to renew Philippe Donnet as CEO in the coming months, bearing in mind that he is called to present the new strategic plan on December 15”, underlines a report by Oddo.
“Under the leadership of Donnet Generali achieved good results and carried out several external growth operationsa “, continue the analysts, who remark that, despite the crisis linked to the pandemic, Leo is on track to reach even those before 2021.” A renewal of Donnet would be good news for the group and remains our most important scenario. probable “, explains Oddo, according to whom a replacement of the French manager” would be unjustified and logically perceived badly by investors “.
What remains to be clarified is which path Mediobanca, the first shareholder of the insurance group with a stake of almost 13%, will choose, and also on which side other important shareholders will line up, such as the Benetton family (3.97%) of the capital. and the De Agostini group.
A compromise between Piazzetta Cuccia and the Del Vecchio.Caltagirone duo (now also supported by the Crt Foundation) which, after the recent acquisitions, account for almost 25% of the capital of the investment bank, could, according to Kepler, “facilitate a possible merger between Mediobanca and Banca Generali, which would represent a transformative operation “for the Milanese institute,”strengthening its position in asset management and leading to an overall revaluation of its shares“The next stage on the calendar is set for Monday 27 September, when the directors will meet and will be able to definitively sanction their position.