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De Agostini starts leaving Generali

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De Agostini has initiated the exit from the Generali group. The company announced this, however, specifying that the maneuvers now in progress will allow the group to maintain the voting rights at the April meeting when the renewal of the board of directors will be up for grabs.
In particular, the company announced that it had begun «the gradual disposal of its shareholding in Assicurazioni Generali SpA, equal to 1.44% of the share capital».

But how? «In this context, a first transaction was carried out consisting of a derivative instrument having as object no. 2,250,000 shares, representing 0.14% of the share capital ». On those securities, however, added De Agostini, “the voting rights” will be maintained.

Evidently with the aim of supporting the board’s list today being examined by the board, an option that has the support of Mediobanca but which, as is known, is not shared by three other strong shareholders, those of the agreement, namely Francesco Gaetano Caltagirone, Leonardo Del Vecchio and Crt Foundation.

Support for Generali management

In this way, the holding company intends to reaffirm its support for management today at the top. “De Agostini expresses his appreciation for the work of the management of the insurance company, of which he shared objectives and values, as well as his esteem and harmony towards the CEO Philippe Donnet, who during the last two mandates has been able to distinguish himself for the vision strategic, technical competence and managerial completeness. Qualities that have translated into excellent industrial and financial results ».

With respect to how the money that will be collected from the sale will be used, approximately 400 million in total at Generali’s current prices, these will be destined “to pursue new investment opportunities in the near future”.

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