Italy's Del Vecchio and Caltagirone join forces on Generali ahead of board renewal

Caltagirone SpA

11/09/2021 07:52

MILAN, Sept 11 (Reuters) - Two prominent Generali  GASI.MI 
investors, the Italian businessmen Leonardo Del Vecchio and
Francesco Gaetano Caltagirone, said on Saturday they have
entered into a shareholder agreement ahead of Italy's top
insurer's board renewal.
    Trieste-based Generali is due to appoint a new board next
spring and speculation has mounted over the future of Chief
Executive Philippe Donnet due to tensions among top
shareholders.
    The aggregate stake in Generali held by Del Vecchio, founder
of Ray-Ban eyewear maker Luxottica, and Caltagirone, whose
businesses span construction to publishing, is equal to 10.95%,
they said.
    In a joint statement, the two investors said the pact only
provides for prior consultation between the two businessmen on
topics on the agenda of Italian insurer's general meetings, but
does not envisage any obligation on voting.
    Over the past two years, first Del Vecchio and then
Caltagirone have also emerged as leading shareholders of
Milanese merchant bank Mediobanca  MDBI.MI , which is the
biggest investor in Generali with a 12.9% stake.

 (Reporting by Gianluca Semeraro, Editing Elvira Pollina)
 ((elvira.pollina@thomsonreuters.com;))