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Here is Del Vecchio and Caltagirone’s plan on Banca Generali

2 years ago babelfish

Here is Del Vecchio and Caltagirone's plan on Banca Generali

While Consob has somewhat disappointed Caltagirone on the list of the board of directors in Generali, the shareholders' agreement between Caltagirone, Del Vecchio and the Crt Foundation has risen to 15.171% of the capital of the Lion of Trieste and the parties themselves have a plan (anti Mediobanca) for Banca Generali. Facts, names, numbers and rumors

Focus on Banca Generali. The major maneuvers in Assicurazioni Generali continue, even if the (anti Mediobanca) strategy of the pact between Del Vecchio, Caltagirone and the Crt Foundation is increasingly outlined

The shareholders' agreement between Caltagirone, Del Vecchio and the Crt Foundation rose to 15.171% of the share capital of Generali. This is what emerges from an extract of the agreement published on the company's website which accounts for the 15% threshold being exceeded with the latest purchases made by the three members, including Crt ..

THE NEW NUMBERS OF CALTAGIRONE, DEL VECCHIO AND CRT IN GENERAL INSURANCE

The Caltagirone group currently holds 7.558% of Leone, Delfin 6.139% and Fondazione Crt 1.474%. The consultation agreement, which is valid until the next Generali meeting in April, was signed by Francesco Gaetano Caltagirone and Leonardo Del Vecchio on 10 September and bound 10.948% of Generali to which the share of Crt Foundation, which was at 1.23%.

THE MOVES OF THE SHAREHOLDER AGREEMENT IN GENERAL INSURANCE

The purpose of Generali's shareholders' agreement, which groups a total of 16 shareholders, of which only Caltagirone, Delfin and Fondazione Crt have changed their shares, is to "establish upon request for the right to vote" between the contracting parties, as indicated Article 122 of the Consolidated Law on Finance. Therefore, the constitution of executive bodies within the agreement, the provision of a penal clause against a party in default with respect to the obligations of the agreement, any renewal clauses, even if not automatic, and the obligation to deposit are excluded from the shareholders' agreement. of shares subject to the agreement "in constant effectiveness of the same". The parties are represented in the agreement with "all the shares" they have in their portfolio.

WHAT CONSOB HAS DECIDED ON THE LIST FOR THE GENERALI BOARD

On the dispute between the two shareholders and Mediobanca (the first general shareholder), in view of the shareholders' meeting of the Lion of Trieste and therefore of the election of the new board, Consob identified some guidelines during the week to regulate the phenomenon of " lists of the board of directors ", a practice not envisaged by the law – and therefore not prohibited – which has taken hold so much that it is foreseen in the statutes of 52 companies, with 11 that have applied it and Generali that is about to launch it, summarized the Corriere della Sera .

CONSOB OF SAVONA HAS A LITTLE DISAPPOINTMENT OF CALTAGIRONE

The Consob board met and voted by majority (not unanimously) the choice of calling a market consultation on the risks associated with the presentation of a list by the outgoing board of a company, as is happening at Generali. “Consob's substantial green light to the lists of the board of directors”, wrote Repubblica. "The Consob board has decided not to decide on Generali", Il Sole 24 Ore remarked, which added: in fact, the choice of the Authority extends the timing of the confrontation, it does not reject the list of the council in itself but at the time itself places some stakes in the elaboration process. The fact is that Consob chaired by Paolo Savona, economist, former minister and former columnist of the newspaper Il Messaggero di Caltagirone has in fact somewhat disappointed the builder and publisher .

THE STRATEGY OF CALTAGIRONE, DEL VECCHIO AND CRT ON BANCA GENERALI

One of the key points on which Del Vecchio and Caltagirone will focus on the one hand to demonstrate the cage operated by Mediobanca on Generali in terms of business and on the other to hope for greater resourcefulness by Leone not only in acquisitions: managed savings, for example, according to the two entrepreneurs it was in fact clipped precisely because the Piazzetta Cuccia institute led by the CEO, Alberto Nagel, does not look favorably on the growth of a potential competitor, such as Banca Generali, controlled by the Assicurazioni Generali group with 50.17%. While in the meantime there have been missed opportunities for Banca Generali as Pioneer and Finanza & Futuro, according to the vision of the pact.

WHAT IL SOLE 24 ORE HAS WRITTEN ABOUT CALTAGIRONE, MEDIOBANCA AND BANCA GENERALI

Il Sole 24 Ore unveils today: “The entrepreneurs, also supported by the Turin institution and a series of financial advisors, are working to put pen to paper on the key ideas from which to take off the growth of the Lion in the coming years. And one of the key elements, as mentioned, would be Banca Generali itself, the pivot around which the company's development in managed savings is to be achieved. By proposing it in the role of an aggregating pole and a possible vehicle for future expansion initiatives. After all, Banca Generali has important numbers: 82.1 billion euros of assets in September 2021 against 56 billion in 2018, which is worth a growth rate of 47%, and a net profit of 271 million, again in the nine months, against 180 million in 2018 and 275 million in 2020. It is solid, thanks to a Cet1 that exceeds 15%, and has also always been rather generous in terms of dividend policy: in the period 2019-21 it distributed 3.3 euros per share. Because of all this, the pact is convinced, it is an asset to be valorised and which can still generate a lot of value, certainly not to be sold or even to be left aside ".

THE ROLE OF CALTAGIRONE AND CRT IN BANCA GENERALI

Among other things, in the bank headed by the CEO Gian Maria Rossa, there are already two appearances on the board of directors of representatives of the three-way pact between Caltagirone, Del Vecchio and the Fondazione Cassa di Risparmio di Torino (Crt): that is, Azzurra Caltagirone and Massimo Lapucci, general secretary of the Crt Foundation. The three components of the de facto pact against Nagel and Donnet had negatively judged Mediobanca's recent move for an offer on Banca Generali, "both for the terms of the proposal (a mix of cash and paper that involved both Piazzetta Cuccia and Generali) and the timing (in March 2020 in full pandemic) ", commented Il Sole 24 Ore today .

THE REAL ESTATE BUSINESS

In short, the banking dreams of Caltagirone are not over, as well as those of Del Vecchio; even if the two "sprightly old men" always have an eye on real estate affairs even in Generali, there is a whisper in Milanese financial circles.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-il-piano-di-del-vecchio-e-caltagirone-su-banca-generali/ on Sat, 04 Dec 2021 10:41:16 +0000.