Home » Generali, the nomination committee votes by majority on the proposal for a list of the board of directors for the renewal of top management

Generali, the nomination committee votes by majority on the proposal for a list of the board of directors for the renewal of top management

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MILANO – The nominations committee of Generali approved a proposal on the procedure to be adopted for the definition of a possible list of the board of directors, in view of the renewal of the board of directors of the Leone di Trieste, due to expire next spring. A meeting, that of the committee, lasted two and a half hours and dedicated to the preparatory work for the board on Monday 27 September, which should start the process for the list of the board to be presented at the next meeting in April. The committee fell in the aftermath of the blitz with which Mediobanca secured 17.2% of the voting rights in the shareholders’ meeting to be opposed to the Caltagirone-Del Vecchio-Crt pact which currently holds 12.53% of the Leone.

Mediobanca rises to 17.22% of Generali voting rights with a securities loan

by Vittoria Puledda


The chairman of Generali Gabriele Galateri, who is not a member of the body, was also present at today’s nomination committee. The proposal, filtered to the press agencies, will be brought to the attention of the council on Monday, which will have to examine it and which will decide whether or not to present the list. In the meantime, the committee passed with four votes in favor and three votes against. Against the proposal, it emerged, Francesco Gaetano Caltagirone, Romolo Bardin and Sabrina Pucci took sides.

Just yesterday, Mediobanca announced that it had risen to 17.22% through a securities loan to protect its investment in Leone in the face of the continuous strengthening of the Caltagirone-Del Vecchio pact in the capital.

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The move surprised, by their own admission, even financial analysts, who now see “the probability of Donnet’s reconfirmation” rising. After an initial flare-up, the Piazzetta Cuccia stock returned to move in line with the price list. The analysts of Banca Akros, in reconstructing the story, calculate that the securities lending operation is worth almost 1.3 billion euros and estimate “an annual cost of about 20 million euros”. In summary, “Mediobanca is incurring this cost to maintain its stronghold on Generali’s governance, where it is the largest shareholder and where a group of Italian entrepreneurs is contesting the renewal of the board of directors”, observers add that ” Mediobanca has a long tradition of independence of management from its shareholder base and this move is fully in line with this tradition, even if a clash “within the shareholder structure cannot be completely ruled out.”

Francesco Gaetano Caltagirone and Leonardo Del Vecchio, from the beginning have increased their stake in Generali and in their ‘agreement (which also includes the Crt Foundation) 12.53% of the company is kept, a step away from 12.93% of Mediobanca ( before the latter signed last night the stock lending operation for a further 4.42% of the company, bringing it to 17.22% of the voting rights). But the two entrepreneurs are also strong partners of Mediobanca itself, with the founder of Luxottica having 18.90% of the investment bank and Caltagirone with a potential stake of up to 5% (thanks to the recently expired options). According to Akros analysts “if Donnet receives support again, it is likely that the pact will present an alternative list for the renewal of the board of directors. However, yesterday’s move by Mediobanca increases the likelihood of Donnet’s reconfirmation”.

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