Caltagirone to snub Generali AGM to signal discontent -sources

Caltagirone SpA

28/04/2021 11:32

MILAN, April 28 (Reuters) - Leading Generali  GASI.MI 
investor Francesco Gaetano Caltagirone will snub its AGM on
Thursday in the first public sign that the businessman is
unhappy with the balance of power among shareholders, three
sources close to the matter said.
    Tensions among investors in Italy's largest insurer have
been brewing behind closed doors, but are expected to intensify
as Generali kicks off a months-long process to appoint a new
board in spring next year, the sources told Reuters.
    Caltagirone, whose business empire spans construction to
publishing, recently raised his Generali stake while also
building a holding in its top investor Mediobanca  MDBI.MI .
    With a 12.9% stake, Mediobanca is the leading shareholder in
Generali, followed by Caltagirone with 5.6%.
    By not taking part in Thursday's annual general meeting,
Caltagirone wanted to signal that he is unhappy with the
existing shareholder situation at Generali and would like to
have a bigger say on strategic decisions, the sources said.
    Both Caltagirone and Leonardo Del Vecchio, who is Generali's
third-largest investor with a 4.8% stake and the single biggest
shareholder in Mediobanca, have criticised some of Generali's
strategic moves in the past year, sources have previously said.
    However, a source close to Del Vecchio said the eyewear
magnate would take part in the AGM, which will be held remotely
due to COVID-19, and had already filed his vote.
    Generali shareholders will be asked to sign off on the
financial statements for 2020 and a proposal to pay a
two-tranche dividend of 1.47 euros per share.  urn:newsml:reuters.com:*:nL8N2L9173
    Caltagirone's decision not to attend the AGM was first
reported by la Repubblica newspaper.  

 (Reporting by Stefano Bernabei, Claudia Cristoferi and Gianluca
Semeraro; Writing by Valentina Za; Editing by Alexander Smith)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))