The clash heats up more and more every day Generali e Mediobanca go on the counterattack. The Piazzetta Cuccia institute in Milan announced yesterday evening "that it had entered into an securities loan involving 70 million Generali shares, equal to 4,42% of the share capital of the company". Thanks to the securities loan, Mediobanca strengthens its leadership in Generali and its shareholding, in terms of voting rights, goes up to 17,22%.
Mediobanca's move is clearly aimed at stop the advance of the Caltagirone-Del Vecchio-Crt pact, which together they have the 12,5% and which prepares the ground for a possible counting of the votes in the spring 2022 meeting, if in the meantime it is not possible to reach an agreement on the renewal of the company's top management and on the confirmation of the CEO Philippe Donnet, supported by Piazzetta Cuccia but opposed by the shareholders rebels.
But the open confrontation in Generali risks opening up the dispute also in Mediobanca, Where Del Vecchio, which is the largest shareholder with 19%, e Caltagirone, which holds 5% of Piazzetta Cuccia, will certainly not have liked the move by the CEO Albert Nagel on Generali.
Thus a white-hot season is being prepared for Italian finance, which sees two icons such as Generali and Mediobanca on burning coals, where the balances of command are highly disputed and where anything can still happen.
However, today it will meet again the Generali Appointments Committee to continue the troubled gestation of board list, which also includes Donnet's reconfirmation at the helm of the company in view of the spring meeting, but which the rebel shareholders contest in full, opposing the method of the list promoted by the outgoing board, devised by Mediobanca. Then the ball will pass to board of Generali, which on Monday should break the delay and decide whether to present the list of the outgoing board of directors to the meeting or postpone, in an attempt to find an agreement with the dissidents which currently seems unlikely.
As things stand, the most probable scenario is the count at the meeting with the presentation of three competing lists – that of board of directors outgoing with Donnet in the head, that of Calta-Del Vecchio-Crt agreement, and that of Assogestioni – but the game is only just beginning and anything can still happen, while the Stock Exchange keeps an eye on the shares of the companies involved in the storm.
***** UPDATE 13pm – The Generali Appointments Committee, which met in the morning, approved by a majority (4 yes and 3 no) the list of the outgoing Board of Directors (with Donnet re-proposed as CEO) for the renewal of the board at spring assembly. However, the private shareholders of the Caltagirone-Del Vecchio Crt shareholders' agreement contest the procedure and are determined to give battle in the board on Monday and then at the spring meeting.
