Francesco Gaetano Caltagirone and Leonardo Del Vecchio sign a pact on 10.948% of Generali. The two strong shareholders have in fact merged their respective share packages into a binding agreement which has as its object “the obligation of prior consultation for the exercise of the right to vote”.
The deal
All of this is obviously linked to the next meeting of the Trieste company, the one for the approval of the 2021 accounts, which has the renewal of the company’s board of directors as its key object on the agenda.
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It is no coincidence that the pact signed between the parties is already operational but will lose its effectiveness “at the end of the work” of the April 2022 meeting. In short, an alliance functional to affect the governance of Generali.
The comparison between the shareholders
All this is a consequence of the ongoing discussion with the other strong shareholders of Leone, primarily Mediobanca (13%), for the renewal of the board. The two entrepreneurs, Caltagirone also openly, have repeatedly declared that they want a radical change at the top of the company, referring in particular to the CEO Philippe Donnet. This is not because they are not satisfied with the work done so far but because they both believe that the group must implement a more radical strategy in terms of growth and therefore of M&A.
The Donnet key
At present, however, Piazzetta Cuccia and most of the board of directors would be oriented to reconfirm the manager who in recent days reiterated his will to remain at the top of Generali to the president Gabriele Galateri.