Francesco Gaetano Caltagirone’s strategy for Generali offers “a long-term entrepreneurial vision that not only looks at dividends but also at the company’s need for growth”. Leonardo Del Vecchio said this in an interview with Bloomberg News according to which the founder of Luxottica intends to further increase his stake in Trieste insurance companies compared to the current 8% owned.
«I’m from the old school – said Del Vecchio – who think that entrepreneurs should invest their resources. I recently found out that company shares can only be borrowed to vote at the shareholders’ meeting and then returned to the owners. If this practice becomes common and legitimate, I believe it would have serious consequences for our economy ”.
Del Vecchio expressed his appreciation for the list of candidates proposed by Caltagirone, defining it as “highly competent” and “well balanced”, noting that the candidate for the role of CEO, Luciano Cirinà, has “a perfect understanding of how Generali works and has deep roots in Trieste where it was born and which represents the beating heart of the insurance sector in this country. The market – concluded Del Vecchio – has already reacted favorably to the Caltagirone plan. The share price is rising and Generali is proving to be a good financial investment ».
According to Del Vecchio, whose stake in Leone could be further rounded up, the plan developed by the Caltagirone group “gives the idea of a strong company, with a great future but which has perhaps been held back by a shareholder interested only in extracting dividends. , That is Mediobanca, the first shareholder of the Trieste-based company and supporter of the list of the board of directors which re-nominates Philippe Donnet.
Del Vecchio also believes that the Roman entrepreneur’s project could accelerate Generali’s growth through that large acquisition or merger “which I hope to see in the future” of the company. The appreciation for Claudio Costamagna, candidate for the presidency, is also explained in this perspective. With him, Generali would acquire “a president with operational capabilities who has what it takes to create value for the company and give significant support when it comes to managing large” transformational “transactions”, that is, one who is able to transform Generali with a true and its dimensional leap.