By Giulia Petroni
Billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio together with banking foundation Fondazione CRT have taken their overall stake in Assicurazioni Generali SpA to more than 15%, the Italian insurer said on Saturday.
The Caltagirone Group currently holds a 7.558% stake in Generali, while Delfin Sarl, steered by Mr. Del Vecchio, has a 6.139% stake. Turin-based Fondazione CRT holds a 1.474% stake in the company.
Earlier this year, the parties made a deal to use their combined shareholding in Generali to push for a "more profitable and effective management," challenging Generali's largest single shareholder Mediobanca SpA.
They have agreed to consult each other over decisions, particularly on the appointment of a new board of directors ahead of the company's shareholders' meeting next year.
According to Italian media, the shareholders are preparing a new strategy plan that will likely have a stronger focus on asset management.
Mr. Caltagirone has been a member of Generali's board of directors since 2007, while Mr. Del Vecchio is chairman of Franco-Italian eyewear company EssilorLuxottica SA and the founder of Luxottica Group.
Write to Giulia Petroni at email@example.com
(END) Dow Jones Newswires