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Generali’s top investor ups voting stake ahead of AGM pick of CEO By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. The Generali logo, Milan’s CityLife District. Italy. November 5, 2018. REUTERS/Stefano Rellandini/File Photo/File Photo

MILAN (Reuters) – Generali (MI:)’s biggest investor Mediobanca (OTC:) 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.

Mediobanca holds 12.9% of Generali’s stock. Leonardo Del Vecchio, an Italian billionaire, and Francesco Gaetano Caltagirone follow.

Both tycoons made an agreement to discuss Generali matters. Sources familiar with the issue have indicated that they would support another candidate for CEO if Generali proposes Philippe Donnet’s replacement.

Generali’s board met Monday to decide whether it will submit its slate of nominees including Donnet ahead of the general meeting next spring.

Caltagirone is a construction magnate and Del Vecchio founder of Ray-Ban owners Luxottica have combined to own 12.5% in Generali. Fondazione, another investor last week, also agreed to the pact.

Mediobanca stated that it has borrowed shares equal to 4.4% from Generali up until the next general meeting.

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