How is Assogestioni divided over Generali?
How the Assogestioni shareholders discuss and divide in the Assicurazioni Generali match. The article by Emanuela Rossi
As we approach April, when the Generali assembly will have to elect the new board of directors, the moves of the old board continue – which hinges on Mediobanca (with a share of 12.8% which can reach 17.2% shares with voting rights) – and those of the antagonists of the consultation pact (Francesco Gaetano Caltagirone, Leonardo Del Vecchio and Fondazione Crt) which could soon dissolve – according to the indiscretions of Start Magazine – after the exit of the Roman entrepreneur, which took place in recent days.
As in all the great games of finance, however, there are also many karst movements whose true effects will only be seen when it comes out into the open. Think of the institutional investors shareholders of Assogestioni, who in total have over 30% of the capital of the insurance group.
Meanwhile, Consob and Ivass have been asked by another question about the current clash. In particular, Generali asked Ivass whether the overall shareholding acquired by the Caltagirone group, the Crt Foundation and Delfin (equal to 16.309% of the share capital from the latest official communications) is subject to authorization pursuant to the legislation on insurance in relation to joint acquisition of qualified shareholdings, in any case greater than 10%. The Leone board also resolved to ask Consob about Paolo Savona whether this acquisition is subject to the disclosure obligations with regard, among other things, to future plans pursuant to current legislation.
INSTITUTIONAL INVESTORS AND RELATIONS WITH CALTAGIRONE AND DEL VECCHIO
Going to discover the actors who tread the scenes, one cannot fail to notice that – to make the difference – it will not be exposed and whispers but the institutional investors who, between Italian and foreign, represent almost 35% of the capital of Generali (even if not all show up at the meeting). In part, they move on their own, in part they are represented by Assogestioni which has not hidden, however, that it is thinking of its own list to be submitted for consideration by the April meeting. At the moment, not much is known about the ongoing courtship. The game takes place mostly under the radar, and it's up to you to look for clues here and there.
For example, the excellent relations between Del Vecchio and the investment banks Natixis and JP Morgan are known , which led to the hypothesis of a collaboration for the plan to attack the Leone: "To make an ambitious and credible project" – he written Repubblica – “help was asked from Vittorio Grilli, former Treasury general manager, former minister of the economy and senior advisor of Jp Morgan, and Franco Baronio, partner of Bain and insurance expert”.
Besides an important investor is Poste Italiane whose CEO, Matteo Del Fante, has often been mentioned in relation to Caltagirone. The Corriere della Sera , for example, cited Del Fante as a possible ad in the alternative industrial plan to that of the current CEO of Generali, Philippe Donnet, even if denials always come from the Poste.
In recent times, the Roman entrepreneur has peeped into the shareholding of another important institutional investor, Anima: in fact, in April 2020 he transparently brought a 1.118% stake in the capital of the asset management company, held indirectly through the financial vehicle Gamma srl. Anima is on the move with Intesa Sanpaolo on the match. Caltagirone's praise of Carlo Messina, dominus of the country's first bank, appears not by chance after the presentation of the industrial plan last week. “After the good plan of Unicredit, here is that of Banca Intesa. Finally Italy that wants to win again ”he said in an interview with Ansa . And then, more specifically: “With a courageous and realistic project, the national champion Banca Intesa Sanpaolo, with the presidency of Professor Gros Pietro and the guidance of Dr. Messina, is preparing for years of expansion. Then a good to Dr. Messina who has vision, determination and knows how to lead and motivate a team full of excellence ".
A few pieces can be put together but it is evident that it is still a fragmentary picture, of which some elements are grasped without an overall vision emerging yet. Also because on 4 February Messina himself said that Intesa Sanpaolo "will not play any games" in the Generali affair.
THE CURRENT SITUATION IN THE CONSULTATION AGREEMENT
Returning to the consultation agreement, in the last few days the news that the Caltagirone group with its 8.04% exited the agreement – which had managed to collect over 16% of Generali's shareholding – not even excluding the hypothesis of presenting its own list. At the moment, therefore, remain Delfin di Del Vecchio with 6.618% and Fondazione Crt (1.71%) which on Tuesday 8 February brought together a group of representatives of the steering council and the top management of the institution precisely to talk about the Generali affair. "Further and extensive updates on the latest events of the past few days and the correct management implemented as part of the consultation agreement on Assicurazioni Generali, were provided this afternoon by the top management of the Crt Foundation during a new meeting between some of the related Steering and Administrative Directors by videoconference – reads a note released by the Foundation -. The informal meeting with the directors closed after about an hour in the name of compactness and collaboration "it is specified, recalling that" as already reiterated in the latest information to the Steering Board of last December 21, the pact of mere consultation was signed precisely to ensure, always and immediately, in full consistency with the legislation and regulatory discipline, maximum correctness in the exchange of information with the aim of weighing one's own independent interests with reference to the items on the agenda of the next Generali meeting ".
A pact that, according to some observers, could be short-lived. In the "farewell" note, the Caltagirone group had remarked that "the function of the pact is exhausted", words that could however also be a prelude to other moves. Then, on Thursday 10th, another novelty arrived that can be read in this key. Now, after a few days, other resignations arrive "for personal reasons" (after those from the board of Generali, last month, of Caltagirone himself, of Romolo Bardin for Delfin and of Sabrina Pucci for Crt) destined to shuffle the cards. This is the departure from the board of directors of Caltagirone spa of Massimo Lapucci, general secretary of the Crt Foundation, who sat as an independent director since 2018. Lapucci, together with the president Giovanni Quaglia, had been instructed by the top management of the Foundation to evaluate and eventually sign the consultation agreement with Caltagirone and Del Vecchio and to raise the entity's stake in the insurance group up to 2%.
In the meantime, there are also those who decide to stay out of the quarrels that take place around the Lion. It is Massimo Doris, CEO of Mediolanum, who says it clearly: “That of Mediobanca and Generali is a battle in which I am not interested in the sense that I have no interests”. And again: “I look at her and follow her like anyone else, but I'm not in the slightest. We have no intention of buying Generali shares, we have not done so and we will not do so ”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/assogestioni-generali/ on Mon, 14 Feb 2022 06:50:52 +0000.