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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Società Cattolica di Assicurazione - Società Cooperativa    CASS   IT0000784154

SOCIETÀ CATTOLICA DI ASSICURAZIONE - SOC

(CASS)
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Società Cattolica di Assicurazione Società Cooperativa : Cattolica chairman, MD targeted in undue influence investigation - source

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08/02/2020 | 09:57am EDT

Three Cattolica Assicurazioni executives including its chairman and managing director are under investigation for alleged undue influence over some of the insurer's shareholder meetings, a source close to the matter said on Sunday.

On Saturday, the company said some of its representatives were being investigated by market regulator Consob, without naming them.

Tax police had searched its headquarters and taken documents, it said, denying the allegation - which touches on its planned tie-up with larger rival Generali - and adding that it was ready to fully cooperate with authorities..

Chairman Paolo Bedoni, Managing Director Carlo Ferraresi and Board Secretary Alessandro Lai were the three representatives in question, the source said on Sunday.

None of the three were immediately available for comment.

Cattolica said on Saturday that the three shareholder meetings under investigation included one held on Friday, at which investors approved Cattolica's conversion into a joint-stock company, paving the way for the Generali tie-up.

Resolutions approved at that meeting were "valid for all intents and purposes" and the operation with Generali "will continue as planned", it added.

The other two meetings were held in June this year and April last year.

Ferraresi last year was granted CEO powers, when former Chief Executive Alberto Minali was forced to stand down.

The insurer said all three of the meetings under investigation had been conducted correctly.

The document search was ordered by prosecutors in the northeastern city of Verona, where Cattolica is based. Verona tax police were not immediately available for comment.

(Reporting by Giulio Piovaccari; editing by John Stonestreet)

Stocks mentioned in the article
ChangeLast1st jan.
ASSICURAZIONI GENERALI S.P.A. 4.54% 13.355 Delayed Quote.-30.55%
SOCIETÀ CATTOLICA DI ASSICURAZIONE - SOCIETÀ COOPERATIVA 2.07% 5.18 Delayed Quote.-30.19%
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Financials
Sales 2020 6 532 M 7 706 M 7 706 M
Net income 2020 91,4 M 108 M 108 M
Net Debt 2020 1 666 M 1 966 M 1 966 M
P/E ratio 2020 12,8x
Yield 2020 0,31%
Capitalization 849 M 999 M 1 001 M
EV / Sales 2020 0,39x
Capi. / Sales 2021 0,12x
Nbr of Employees -
Free-Float 86,8%
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Technical analysis trends SOCIETÀ CATTOLICA DI ASSIC
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TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 5
Average target price 5,29 €
Last Close Price 5,08 €
Spread / Highest target 14,3%
Spread / Average Target 4,24%
Spread / Lowest Target -11,3%
EPS Revisions
Managers
NameTitle
Carlo Ferraresi Chief Executive Officer & General Manager
Paolo Bedoni Chairman
Valter Trevisani CEO-Technical Department & Operations
Atanasio Pantarrotas Chief Financial Officer
Barbara Blasevich Deputy Chairman