1. Homepage
  2. Equities
  3. Italy
  4. Borsa Italiana
  5. Assicurazioni Generali S.p.A.
  6. News
  7. Summary
    G   IT0000062072


Real-time Estimate Tradegate  -  02:34 2022-08-08 am EDT
15.02 EUR   -0.11%
08/04GENERALI SPA : Goldman Sachs reiterates its Neutral rating
08/03ASSICURAZIONI GENERALI S P A : Information requested by Consob pursuant to Article 114, paragraph 5 of the TUF
08/03ASSICURAZIONI GENERALI S P A : Final results of the obligation to purchase procedure
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Ray-Ban owner's close aide takes reins of business empire

07/04/2022 | 03:19am EDT

* EssiLux CEO Milleri named Delfin chairman

* Delfin's ownership divided equally among eight heirs

* Wife's son from previous marriage included in will

MILAN, July 4 (Reuters) - Leonardo del Vecchio's right-hand man on Monday took the reins of the 27 billion euro ($28 billion) holding company left behind by the Italian eyewear billionaire who died last week.

Del Vecchio's departure raised questions over the fate of some of his assets, in particular his stakes in financial firms Mediobanca and Generali, whose management the 87-year-old magnate had criticized.

Del Vecchio and fellow tycoon Francesco Gaetano Caltagirone in April lost out in a shareholder vote over leadership at Generali, while Mediobanca CEO Alberto Nagel's position comes up for renewal in late 2023.

Luxembourg-based holding company Delfin on Monday said it had named Del Vecchio's most trusted aide Francesco Milleri as chairman.

Milleri, 63, started as an IT consultant at Luxottica, the spectacle business Del Vecchio founded in 1961. Last year he became CEO of EssilorLuxottica after playing a key role in the negotiations that led to Luxottica's merger with French lens maker Essilor.

Following Del Vecchio's death, Milleri has also taken on the role of EssilorLuxottica's chairman.

Milleri's appointment at Delfin suggests there are no major changes in sight over Delfin's management of its assets, two people with knowledge of the matter said.

Unless they can bridge their differences, Milleri is expected to keep up the pressure on Nagel, a third person close to the matter added.

In a further sign of continuity, Delfin said its Chief Executive Romolo Bardin, another of Del Vecchio's longstanding associates, would continue in his role.

Shares in Mediobanca and Generali had suffered when Del Vecchio died due to market concerns that his heirs may cash in on the investments.

Del Vecchio had become in recent years the No.1 investor in Mediobanca with 19.4%. He was also the second-biggest shareholder in Italy's top insurer Generali, behind Mediobanca itself, with 9.8%.

He had considered further raising the Mediobanca stake before the European Central Bank made clear Delfin would have to subject itself to its oversight, a fourth person briefed on the matter said.

Del Vecchio has left his business empire to his six children, his wife Nicoletta Zampillo and her son from a previous marriage.

They now each own 12.5% of Delfin, whose main asset is the 32% stake in EssilorLuxottica, worth some 20 billion euros.

Based on Delfin's statutes, decision-making effectively requires unanimity because of the necessary 88.5% majority.

In addition to the stakes in EssilorLuxottica, Mediobanca and Generali, Delfin also owns 27% of Paris-listed Covivio and is a long-time investor in bank UniCredit with a 2% stake.

Zampillo, whom Del Vecchio remarried in 2010 after divorcing her a decade earlier, was originally expected to inherit Del Vecchio's 25% stake in Delfin.

The opening of Del Vecchio's will on Saturday showed that her son Rocco Basilico had received half of Del Vecchio's stake.

Basilico, 32, is head of wearable technologies at Luxottica.

As head of Luxottica's Californian brand Oliver Peoples, Basilico was instrumental in introducing Del Vecchio to Facebook founder Mark Zuckerberg.

The encounter led to the 2020 partnership between Facebook and EssilorLuxottica and the launch, in September 2021, of Ray-Ban Stories, smart glasses starting at $299 provided with a camera, speakers and microphones for calls and videos. ($1 = 0.9591 euros) (Additional reporting and writing by Valentina Za; Editing by Jane Merriman and David Evans)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ASSICURAZIONI GENERALI S.P.A. 1.62% 15.04 Delayed Quote.-19.27%
COVIVIO -0.92% 59.5 Real-time Quote.-17.59%
ESSILORLUXOTTICA -0.16% 160.15 Real-time Quote.-14.47%
MEDIOBANCA S.P.A. 0.80% 8.616 Delayed Quote.-14.78%
META PLATFORMS, INC. -2.03% 167.11 Delayed Quote.-50.32%
UNICREDIT S.P.A. 1.77% 9.888 Delayed Quote.-26.99%
08/04GENERALI SPA : Goldman Sachs reiterates its Neutral rating
08/03ASSICURAZIONI GENERALI S P A : Information requested by Consob pursuant to Article 114, pa..
08/03ASSICURAZIONI GENERALI S P A : Final results of the obligation to purchase procedure
08/03EUROPEAN MIDDAY BRIEFING : Investors Remain Cautious Over Fed Policy, Geopolitical Concern..
08/03NORTH AMERICAN MORNING BRIEFING : Stock Futures Edge Up Ahead of Earnings, Services Data
08/03GENERALI SPA : Deutsche Bank gives a Neutral rating
08/03GENERALI SPA : JP Morgan sticks Neutral
08/03AXA's shares surge as insurer unveils share buyback and higher H1 profits
08/02European Bourses Close Lower as US-China Tension Goes Higher
08/02GLOBAL MARKETS LIVE : Uber, Pinterest, KKR, Oracle, Twitter...
More news
Analyst Recommendations on ASSICURAZIONI GENERALI S.P.A.
More recommendations
Sales 2022 81 414 M 82 687 M 82 687 M
Net income 2022 2 805 M 2 849 M 2 849 M
Net Debt 2022 39 460 M 40 077 M 40 077 M
P/E ratio 2022 8,40x
Yield 2022 7,51%
Capitalization 23 769 M 24 141 M 24 141 M
EV / Sales 2022 0,78x
EV / Sales 2023 0,77x
Nbr of Employees 75 000
Free-Float 84,1%
Duration : Period :
Assicurazioni Generali S.p.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ASSICURAZIONI GENERALI S.P.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Last Close Price 15,04 €
Average target price 18,98 €
Spread / Average Target 26,2%
EPS Revisions
Managers and Directors
Philippe Donnet Chief Executive Officer, MD & Executive Director
Cristiano Borean Group Head-Corporate Finance
Andrea Sironi Chairman
Jaime Anchústegui Melgarejo Group Chief Operations & Insurance Officer
Maurizio Basso Head-Italian Insurance Compliance
Sector and Competitors
1st jan.Capi. (M$)
AXA-10.33%56 229
METLIFE, INC.1.30%50 489