Unicredit reduces its stake in Generali, bringing himself to the 2% of capital. The move, anticipated by Bloomberg, confirms the words repeated several times over the last few months by CEO Andrea Orcel, who has always defined the “financial” and non-strategic participation in the Lion.
Unicredit to buy Generali from 6,7 to 2 percent
Last April, Unicredit had reached a stake of 6,7% in the Lion Company, before dropping to 5% in July. The stake has now been further reduced to 2%. Bloomberg reports that the divestment has already generated profits and will continue over time, words that suggest a complete exit of Unicredit from Generali.
The vote at the General Assembly
Yet it can't be said that, in this short time, Piazza Gae Aulenti hasn't left its mark. Or at least it hasn't tried. Last April, at the Generali meeting called to renew the board of directors – which subsequently confirmed Philippe Donnet as CEO and Andrea Sironi as president – everyone was surprised by the Andrea Orcel's decision to side with Francesco Gaetano Caltagirone, Highly critical of Donnet and Delfin, voting in favor of their minority list. This alignment was confirmed on August 21st, when Unicredit's abstention contributed to the rejection of Mediobanca's takeover bid for Banca Generali (in which it holds the 1,9% stake already handed over to MPS). This represented Piazzetta Cuccia's last chance to avoid the takeover bid by Monte dei Paschi.
In this context, Unicredit shares fell 0,4% to 64,67 euros on the Milan Stock Exchange on a slow day for banks, while Generali shares rose 1,63% to 32,99 euros.
