(Teleborsa) – A Caltagirone-Del Vecchio axis is born on the General, after the recent purchases of shares by the couple of entrepreneurs, which they have come to hold together almost 11% of the capital of the Lion of Trieste. Delfin, Leonardo Del Vecchio’s Luxembourg holding company, and a number of companies controlled by Francesco Gaetano Caltagirone, have entered into a Consultation agreement in Generali, by jointly contributing a share of 10.948% of the capital (over 173 million shares), in view of thespring assembly 2022, when the shareholders will be called to approve the 2021 financial statements and the renewal of the Board of Directors. But the games will wear out well before that time, perhaps at Board of Directors convened for September 27th, when the topic of the list for the cdA could be addressed.
From the paid notice published in the newspapers, it emerges that the Consultation Pact is taking shape “In the commitment of the parties to consult each other with regard to the matters on the agenda of the meeting “, in particular to appointment of the BoD, “In order to better weigh the respective autonomous interests with respect to one more profitable and effective management“Of the insurance group” based on the technological modernization of the core business, the strategic positioning of the company, as well as its growth in an open, transparent and contestable market logic “.
The core of the matter revolves around the appointments and in particular the figure of Ceo Philippe Donnet, which has long been coming indicated at the output by the insurance group. And there are already those who hypothesize the eligible candidates to the succession, for example a return of the former CEO Sergio Balbinot or the arrival of the former CEO of MPS Marco Morelli.
The real story is that a arm wrestling with nominations in view of the next assembly, on the one hand, the Board supported by Mediobanca, owner of 12.93% of the share capital, who will ask to renew the appointment of Donnet, relying on the achievement of all the targets of the Plan and on the consolidated experience of the French manager; on the other the couple of entrepreneurs, which will present its own list of candidates, asking the new Board of Directors for a “qualitative leap”, something more than the already brilliant results achieved by the current CEO. At the end the tip of the balance will be the market, in particular the institutional investors, which at the last meeting accounted for 24% of the capital.
Meanwhile, IVASS and Consob are following with great attention to the evolution of the story, especially the market regulation authority, which looks with some apprehension at the double participation of Del Vecchio and Caltagirone in General and in the parent company Mediobanca, with the patron of Luxottica which holds the maximum stake close to 20% in Piazzetta Cuccia and the Roman builder which has already come to one share of 3% with the right to increase up to 5% of the capital.