What is said on the stock exchange about the general evidence of Caltagirone against Mediobanca

What is said on the stock exchange about the general evidence of Caltagirone against Mediobanca

All the market reactions after the anti-Mediobanca move by Caltagirone in Generali. Facts, numbers, rumors and scenarios

The latest brazen moves by the shareholder and deputy vice president of Leone, Francesco Gaetano Caltagirone, who have long since stopped the role of the silent deputy vice president to wear the robes – together with Leonardo Del Vecchio – of the financing revolutionary (ohibò) against the establishment identified primarily in Mediobanca, the pivot of Generali.

But the frantic activism – very financial and also very mediatic – of the staid former Roman builder and publisher – did not at all enthuse the hearts of Generali's investors, quite the contrary.

In fact, after the news of Caltagirone's resignation from the board of Assicurazioni Generali, the share of the Trieste group fell by 1.26% to 18.49 euros (intraday minimum at 18.465 euros for 29.6 billion euros of capitalization) .

WHAT HAPPENED YESTERDAY IN GENERAL

An increasingly incandescent clash in Generali, therefore, where Mediobanca on the one hand and the two "sprightly old men" of Italian capitalism, Francesco Gaetano Caltagirone and Leonardo Del Vecchio, are facing each other for the control of the management of the country's main insurance company. . The resignation as adviser of the Roman entrepreneur who said he was "clearly opposed and prevented from making his own critical contribution" definitively cleared up the cards. "Reasons that can only be categorically rejected", the president of the company, Gabriele Galateri di Genola replied in a short time. With the resignation of Caltagirone after 12 years at the top of Generali (of which he holds 8.04%), the clash that has been going on for months is destined to escalate in view of the renewal of the board of directors, underlines the news agency Agi .

FINI AND SCAZZI IN THE AGREEMENT

The positions see on the one hand Mediobanca (which holds 13% of the share capital and 17% of the voting rights) and the current board which have welcomed the willingness of the current CEO, Philippe Donnet, to compete for another mandate (+ driving since 2016). On the other hand, however, Del Vecchio, Caltagirone and the Crt Foundation ( divided internally on the adhesion to the pact ), which have combined their shares – for a total of almost 16% of the capital – in a Pact launched for the occasion and that they have repeatedly expressed their dissent on the current management (considered, among other things, not very courageous on the M&A front) and required discontinuity, both as regards industrial strategies and on the governance front.

THE SIGHTS OF THE PACT

With Caltagirone's blatant farewell, it now seems obvious that the pact members will go all the way by presenting their own list for the renewal of the board of directors and their own industrial plan alternative to that developed by Donnet.

THE CHALLENGE TO NAGEL

Names and programs that will be submitted to the evaluation and counting of the assembly to be held at the end of April in Trieste. A clash that could be further expanded, with Caltagirone and Del Vecchio who could move directly to Mediobanca, where they hold 3.04 and 18.9 percent respectively, in order to question the leadership of the CEO Alberto Nagel.

WHAT HAPPENED ON THE STOCK EXCHANGE FOR THE GENERALI TITLE AFTER CALTAGIRONE'S RESIGNATION

A scenario of uncertainty that worries the market, as mentioned, where the Generali stock falls by around 1% at mid-session to 18.5350 euros per share. A concern that, from the point of view of investors, also hides opportunities, so much so that in its latest report Equita confirmed the 'Hold' opinion with a price target of 20.7 euros per share.

THE TWO FACES IN GENERAL

After this shock at the top, the pact, which holds 16.133% of the capital and which faces the largest shareholder, Mediobanca (13% of the capital and 17% of the voting rights), remains compact, according to what he reported this morning to the Reuters agency a source close to Delfin, Del Vecchio's holding company. In contrast to the board of directors, the partners of the agreement are preparing a list, with their own candidate, and an alternative business plan that will be presented next month, the source added.

INTESA SANPAOLO'S NOTE ON CALTAGIRONE AND GENERALI

“Caltagirone's move is a clear signal of the tough battle underway over Generali's governance which implies uncertainty for the group. On the other hand, we believe that a clarification could accelerate, in the direction of a presentation of a list and an alternative industrial plan by the pact between Caltagirone, Delfin and Fondazione Crt which probably currently holds, in the hands of Generali, more than 16,133 % officially released last week, as, at that moment, Caltagirone was at 7.98%, while yesterday's release indicated 8.04%. Caltagirone was at 7.98%, while yesterday's press release from Generali indicated 8.04% ", commented in a note today Intesa Sanpaolo that on the Generali share maintains an add rating and a target price of 20.5 EUR. Instead, Equita Sim and Mediobanca Securities have a more cautious rating: hold with a target price of 20.7 euros the former and neutral with a target price of 20 euros the latter, however all target prices above the current stock market price. .

ALL THE WHY OF CALTAGIRONE'S FURBET MOVE IN GENERAL


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/che-cosa-si-dice-in-borsa-delle-prove-generali-di-caltagirone-contro-mediobanca/ on Fri, 14 Jan 2022 13:02:36 +0000.