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ASSICURAZIONI GENERALI S.P.A.

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Italian Billionaires, Fondazione CRT Raise Overall Stake in Generali -- Update

12/06/2021 | 07:26am EST

By Giulia Petroni

Billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio together with banking foundation Fondazione CRT have taken their overall stake in Assicurazioni Generali SpA to more than 15%, the Italian insurer said on Saturday.

The Caltagirone Group currently holds a 7.558% stake in Generali, while Delfin Sarl, steered by Mr. Del Vecchio, has a 6.139% stake. Turin-based Fondazione CRT holds a 1.474% stake in the company.

Earlier this year, the parties made a deal to use their combined shareholding in Generali to push for a "more profitable and effective management," challenging Generali's largest single shareholder Mediobanca SpA.

They have agreed to consult each other over decisions, particularly on the appointment of a new board of directors ahead of the company's shareholders' meeting next year.

According to Italian media, the shareholders are preparing a new strategy plan that will likely have a stronger focus on asset management.

Mr. Caltagirone has been a member of Generali's board of directors since 2007, while Mr. Del Vecchio is chairman of Franco-Italian eyewear company EssilorLuxottica SA and the founder of Luxottica Group.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

12-06-21 0726ET

Stocks mentioned in the article
ChangeLast1st jan.
ASSICURAZIONI GENERALI S.P.A. 1.48% 18.855 Delayed Quote.-1.02%
CALTAGIRONE SPA -0.53% 3.78 Delayed Quote.-3.80%
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Analyst Recommendations on ASSICURAZIONI GENERALI S.P.A.
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Financials
Sales 2021 73 335 M 83 042 M 83 042 M
Net income 2021 2 798 M 3 168 M 3 168 M
Net Debt 2021 3 872 M 4 385 M 4 385 M
P/E ratio 2021 10,6x
Yield 2021 5,63%
Capitalization 29 692 M 33 645 M 33 622 M
EV / Sales 2021 0,46x
EV / Sales 2022 0,43x
Nbr of Employees 71 860
Free-Float 81,4%
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Technical analysis trends ASSICURAZIONI GENERALI S.P.A.
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 18,86 €
Average target price 19,64 €
Spread / Average Target 4,16%
EPS Revisions
Managers and Directors
Philippe Donnet Chief Executive Officer, MD & Executive Director
Cristiano Borean Group Head-Corporate Finance
Gabriele Galateri di Genola Chairman & Chief Executive Officer
Jaime Anchústegui Melgarejo Group Chief Operations & Insurance Officer
Maurizio Basso Head-Italian Insurance Compliance
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