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CALTAGIRONE SPA

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Italian tycoons break up Generali pact to avoid regulatory scrutiny

01/28/2022 | 01:53pm EDT
FILE PHOTO: FILE PHOTO: The Generali logo is seen on the company's building in Milan, Italy

MILAN (Reuters) - Francesco Gaetano Caltagirone has quit a pact with fellow Generali investor Leonardo Del Vecchio which the two Italian magnates had struck to challenge the insurer's top shareholder Mediobanca, a letter seen by Reuters showed.

Two sources close to the matter said Caltagirone's move did not stem from disagreements with fellow pact members but was intended to prevent regulators from saying the pact was not a mere consultation accord.

Caltagirone and Del Vecchio are, respectively, Generali's second- and third-largest investor. Their agreement, which was later joined by a third smaller Generali investor, related to a combined stake of over 16% in Italy's leading insurer.

Caltagirone, a construction and newspaper magnate, on Thursday informed other members he had decided to leave the consultation accord, the letter showed.

He said in the document he would present a slate of candidates for Generali's board, which comes up for renewal in April, adding a joint list of board nominees had never been among the pact's commitments.

Generali shareholders will be called to appoint a new board on April 29.

The insurer's outgoing board is drawing up a list of nominees for its renewal with the backing of Mediobanca, which owns 12.8% of Generali but has secured a temporary 17.2% voting stake for the April meeting by borrowing shares.

The Generali board's list includes current CEO Philippe Donnet, which Caltagirone and Del Vecchio want to replace.

(Reporting by Claudia Cristoferi, Gianluca Semeraro, Stefano Bernabei and Andrea Mandalà; Writing by Giulio Piovaccari; Editing by Valentina Za)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ASSICURAZIONI GENERALI S.P.A. 0.46% 17.355 Delayed Quote.-7.27%
CALTAGIRONE EDITORE SPA 0.00% 1.12 Delayed Quote.-0.44%
CALTAGIRONE SPA -0.25% 4.03 Delayed Quote.2.28%
ESSILORLUXOTTICA 0.62% 147.2 Real-time Quote.-21.87%
MEDIOBANCA S.P.A. 1.09% 9.438 Delayed Quote.-7.66%
STEM, INC. 2.02% 7.075 Delayed Quote.-63.42%
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05/10Mediobanca investor Banca Mediolanum fully supports CEO Nagel
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04/29Generali CEO Donnet survives but faces rebel pressure
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04/28Generali Leadership Drama Nears AGM Finale
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Sales
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Net Debt
P/E ratio
Yield
Capitalization 485 M 521 M 521 M
EV / Sales -1
EV / Sales 0
Nbr of Employees 3 720
Free-Float 39,2%
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Managers and Directors
Francesco Gaetano Caltagirone Chairman
Sarah Moscatelli Independent Director
Filomena Passeggio Independent Director
Massimo Lapucci Independent Director
Luciano Mozzato Independent Director
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