The request for clarification sent by Generali Supervisory authorities on the shareholdings of Caltagirone, Del Vecchio and the Crt Foundation in Leo it is the unequivocal signal that the battle for control of the leading Italian insurance company is heating up day after day, in view of the next April 29 meeting on the renewal of the board.
The request to Ivass…
Generali has sent two separate requests. The first is addressed to IVASS – the Insurance Supervisory Authority, chaired by Luigi Federico Signorini as General Manager of the Bank of Italy – and asks to ascertain whether “the overall stake acquired by the Caltagirone Group, by the Crt Foundation and by Delfin, equal to 16,309% (of Generali), is subject to authorization pursuant to the legislation on insurance in relation to the "concert acquisition of qualified shareholdings, in any case higher than 10%".
…and that to Consob
The second request is addressed to the Consob, the Stock Exchange supervisory body chaired by Paolo Savona, and requests clarifications to understand whether the acquisition of shares in Generali by the Caltagirone, Del Vecchio and Crt trio "is subject to disclosure obligations in order, among other things , to future programs (for the purchase of Leone shares, Ed.) pursuant to current legislation for those who, even jointly, exceed a percentage of 10% of the share capital and if there have been significant information asymmetries for the market".
At stake is the control of Generali
They seem to be purely legal issues but they are not at all, because if the concert between Caltagirone, Del Vecchio and Crt were configured, new scenarios would open up in the future case that the trio exceeds 25% of capital by triggering the takeover bid obligation.
In truth, in recent days Caltagirone, after having controversially resigned from the vice presidency and from the board of Generali, tried to get ahead of the game, judging it outdated the consultation pact with Del Vecchio and Crt and leaving it to have your hands free in view of possible new share purchases.
Now, therefore, it is up to the Supervisory Authorities to establish whether or not there is agreement between the three shareholders who oppose the current management of Generali supported by Mediobanca and what are the obligations deriving from it. Meanwhile, it is clear to everyone that the three months to go before the highly anticipated Generali meeting on 29 April for the renewal of top management will not be hot, but incandescent.
