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ASSICURAZIONI GENERALI S.P.A.

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Assicurazioni Generali S p A : Generali's top investor ups voting stake ahead of AGM pick of CEO

09/23/2021 | 03:00pm EDT
FILE PHOTO: The Generali logo is seen on the company's Tower, designed by Iraqi-British architect Zaha Hadidat, at the Milan's CityLife district

MILAN (Reuters) - Generali's biggest investor Mediobanca said on Thursday it had borrowed shares in Italy's top insurer to secure 17.2% of voting rights, upping the ante in a shareholder tussle over the choice of the next chief executive.

With its 12.9% stake Mediobanca is the single largest shareholder in Generali, followed by Italian billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio.

The two tycoons have struck a pact to consult over decisions concerning Generali and people with knowledge of the matter have said they will back a different CEO candidate if Generali's board proposes appointing current boss Philippe Donnet for another mandate.

Generali's board meets on Monday to discuss whether to submit its own slate of nominees, including Donnet, ahead of a general meeting next spring to name new directors.

Caltagirone, a construction magnate, and Del Vecchio, founder of Ray-Ban owner Luxottica, have come to control a combined 12.5% stake in Generali after another investor, Fondazione CRT, last week agreed to join their pact.

Mediobanca said it had borrowed shares equivalent to 4.4% of Generali until at least next year's general meeting.

(Reporting by Valentina Za; Editing by Alex Richardson)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASSICURAZIONI GENERALI S.P.A. 0.43% 18.485 Delayed Quote.29.07%
MEDIOBANCA S.P.A. 0.25% 10.19 Delayed Quote.34.81%
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Financials
Sales 2021 73 485 M 85 549 M 85 549 M
Net income 2021 2 712 M 3 157 M 3 157 M
Net Debt 2021 3 872 M 4 508 M 4 508 M
P/E ratio 2021 10,7x
Yield 2021 5,86%
Capitalization 29 109 M 33 872 M 33 888 M
EV / Sales 2021 0,45x
EV / Sales 2022 0,44x
Nbr of Employees 71 860
Free-Float 84,4%
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Technical analysis trends ASSICURAZIONI GENERALI S.P.A.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 18,49 €
Average target price 18,69 €
Spread / Average Target 1,10%
EPS Revisions
Managers and Directors
Philippe Donnet Chief Executive Officer, MD & Executive Director
Cristiano Borean Chief Financial Officer
Gabriele Galateri di Genola Chairman
Jaime Anchústegui Melgarejo Group Chief Operations & Insurance Officer
Maurizio Basso Group Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
ASSICURAZIONI GENERALI S.P.A.29.07%33 631
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