Generali investor Fondazione CRT backs rebel shareholder's plan for insurer (updated)

Caltagirone Editore SpA

13/04/2022 18:46

(Adds details, background)
    MILAN, April 13 (Reuters) - Generali  GASI.MI  investor
Fondazione CRT said on Wednesday it supported the plan for the
Italian insurer put forward by challenger shareholder Francesco
Gaetano Caltagirone. 
    Fondazione CRT, a Turin-based banking foundation, said in a
statement it liked Caltagirone's plan because of its "ambitious
and sustainable growth objectives" for Generali.
    Generali, Italy's biggest insurer and a cornerstone of the
financial system, is at the centre of a shareholder battle that
has called into question the reappointment of CEO Philippe
Donnet.
    Caltagirone, who is the second biggest investor in Generali
behind investment bank Mediobanca with a holding of more than
9%, has challenged the decision by Generali's board to hand
Donnet a new term at the helm. Mediobanca backs Donnet.
    The two sides will face off on April 29 when investors vote
to name a new board.
    Caltagirone can count on the support of fellow magnate
Leonardo Del Vecchio, who owns around 8% of Generali. 
    Fondazione CRT, which holds 1.7% of Generali, had struck a
shareholder pact with the two billionaires that was later
dissolved to avoid drawing regulatory scrutiny.
    Earlier on Wednesday, Caltagirone's CEO candidate told La
Stampa daily in an interview there was room to increase
Generali's debt leverage above the current 20%, and bridge part
of the gap with rival Allianz's  ALVG.DE  25%, if needed to
pursue worthwhile deals.  urn:newsml:reuters.com:*:nL5N2WB0MO
    

 (Reporting by Federico Maccioni, editing Maria Pia Quaglia and
Valentina Za, Kirsten Donovan)
 ((Federico.maccioni@thomsonreuters.com; +39 3420768883;))