By Mauro Orru
Billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio have reached an agreement aimed at using their combined shareholding in Assicurazioni Generali SpA to push for a "more profitable and effective management" of the Italian insurer.
Generali said Saturday that Mr. Caltagirone and Mr. Del Vecchio--who together control nearly 11% of the insurer--had agreed to consult each other with a particular emphasis on the appointment of a new board of directors ahead of the company's shareholders' meeting next year.
The agreement between some companies of the Caltagirone Group and Delfin Sarl, steered by Mr. Del Vecchio, aims to push for a new management strategy marked by "technological modernization" and "growth in an open market" setting, Generali said in a statement.
Mr. Caltagirone, whose business extends to the cement and media sectors, has been a member of Generali's board of directors since April 2007.
Mr. Del Vecchio is chairman of Franco-Italian eyewear company EssilorLuxottica SA, and is the founder of Luxottica Group.
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(END) Dow Jones Newswires