There is never a shortage of surprises in Generali these days: the last one came yesterday and it was Francesco Gaetano Caltagirone's decision after closed markets to leave the consultation pact with Leonardo Del Vecchio and the Crt and prepare to present his own list for the new board of directors of the insurance company which will be put to the vote at the shareholders' meeting on 29 April.
The decision of the Roman entrepreneur, who holds 8,04% of the insurance company and is the second largest shareholder behind Mediobanca, took the financial community by surprise but, as far as we know, disagreements with the other major old man of the battle in Generali and that is Leonardo Del Vecchio.
To push Caltagirone to leave the pact, which it judged exhausted in its functions, would have been legal reasons and corporate tactics and that is the risk that the consultation pact would overshadow an action of substantial concert but also the choice to keep one's hands free for continue to purchase Generali shares without incurring the danger of having to launch the takeover bid, which would have been triggered if the three parties to the agreement had overall exceeded 24,9% of the capital of the Trieste-based company.
In essence, Caltagirone's dream of conquering Generali and unseating the current CEO Philippe Donnet continues but continues in other ways. The same goes for Del Vecchio and Crt.
Now, however, the Roman entrepreneur has the burden of presenting an alternative industrial plan to Donnet's that is credible and that can seduce the institutional funds that hold the match on 29 April. And he also has the burden of setting up a team of independent and competent managers who, in the event of a victory at the shareholders' meeting, will implement the plan.
One thing is certain: between now and the shareholders' meeting at the end of April there will be no shortage of twists for what, together with Tim, is the most electrifying challenge of Italian finance of the new year.
