Sesana: "Generali will bring value to Cattolica"

"We will bring value to Cattolica's shareholders and we will increase the share prices on the stock exchange" is the promise of Marco Sesana, managing director and country manager of Generali Italia, from the pages of MF, who adds "with Cattolica we have a long-term vision and a relationship that can grow and develop by working together”. 

“Our partnership guarantees financial stability for Cattolica, as requested by the regulator, and is based on an industrial project which aims to do insurance well, in favor of territories and agents. Veneto, on which Cattolica's business is concentrated, is obviously a territory that we know very well and which will be the engine of the economic recovery. With this operation we will offer the customers of the Verona-based company the skills we have developed in technological innovation, for example, but also in welfare or health. With a very strong focus on social issues, as we have demonstrated by allocating 110 million to fight Covid and its effects in Italy,” said Sesana.

On the subject of possible market competition, perhaps with a takeover bid, which would have caused the price to rise, Sesana states: “Since the news of our offer, which values ​​the share at 5,55 euro, Cattolica shares have had a strong appreciation and the operation, which has a long-term perspective, will bring value that will increase the stock".

To the criticisms of those who argue that the risk is to disappear within the giant Generali, the manager replies that the intention "is instead to enhance its presence in Verona and the Cattolica brand in the long term”, which is “a distinctive element, with a very strong value”. In view of the meeting, Generali's operation received the support of trade associations, agents and trade unions. For Sesana, all the shareholders will benefit from the operation. “With Ivass's request to Cattolica to increase the capital a unique opportunity has opened up for Generali. We are happy to have signed the operation which provides for the launch of an important partnership that will bring value to all the subjects involved, from agents to customers to all stakeholders".

With the meeting of 31 July Cattolica will have to abandon the cooperative model after more than 120 years. The transformation into a joint-stock company is an indispensable condition for Generali's entry and on any scenarios in the event of a negative vote, Sesana underlines that "it is a historical passage of which we are very respectful, as well as the territory, the stakeholders and the history of Cattolica”.

Marco Sesana's reassurances to Cattolica's shareholders come a few days before the meeting scheduled for the capital increase requested by IVASS. At the same time, 34 shareholders (with a share equal to 0,03% of the shares) asked the Court of companies of Venice to cancel the resolution that entrusts the board with the capital increase. This was specified in a note from Cattolica which communicates that the Court has summoned the parties for 17 August and that the company "immediately submitted the deed to its defenders, professors Mario Cera, Matteo Rescigno and Matteo De Poli, for the appropriate defenses, considering the plaintiffs' requests to be completely unfounded and rash, which however represent a very insignificant share both in terms of shares and with respect to the broad shareholder base”.

On this occasion, concludes the note, Cattolica confirms that the resolution contested by said Shareholders was authorized by IVASS and duly registered in the Company Register.