UniCredit Backs Caltagirone’s Generali Board List
UniCredit SpA has agreed to support a minority list of board candidates at Assicurazioni Generali SpA, aligning with investor Francesco Gaetano Caltagirone, according to Bloomberg. The move, decided at a meeting on Wednesday, suggests the bank is open to changes in Generali’s governance structure.
Caltagirone, a long-time critic of Generali’s CEO Philippe Donnet, has been at odds with the insurer’s management over various issues, including an asset management agreement announced earlier this year. UniCredit’s support could strengthen Caltagirone’s position in the company. A spokesperson for UniCredit declined to comment on the matter, Bloomberg reported.
The development comes as Generali shareholders met in Trieste on Thursday to elect a new board for a three-year term. The vote follows ongoing tensions between management and key investors, with Mediobanca SpA, Generali’s largest shareholder, on one side, and the families of the late Leonardo Del Vecchio and Caltagirone, the second- and third-largest shareholders, on the other.
Both factions proposed competing slates of candidates. Mediobanca’s list includes Donnet and chairman Andrea Sironi, while Caltagirone’s list, which doesn’t include candidates for the CEO or chair roles, could potentially gain an equal number of seats depending on the vote outcome.
The disagreement has been fueled by Generali’s agreement with French banking group BPCE to merge their asset management operations, a deal that aims to create one of Europe’s largest asset managers. Some board members aligned with Caltagirone have voiced opposition to this move.
Caltagirone’s significant stake in Generali, estimated at around €3.4 billion, makes it a substantial portion of his portfolio. He, along with the Del Vecchio family, is also a major shareholder in Mediobanca and Banca Monte dei Paschi di Siena SpA, and is advocating for a merger between the two banks to form a third major Italian lender.
UniCredit’s decision is also noteworthy given its own potential acquisition of Banco BPM SpA, in which Caltagirone holds a minority stake. The Italian government has expressed support for the proposed merger between Mediobanca and Monte dei Paschi, while also raising concerns over Donnet’s asset management deal with BPCE, echoing the sentiments of board members backed by Caltagirone.
The government’s involvement has complicated UniCredit’s plans to acquire Banco BPM, with the bank indicating that government-imposed conditions could pose challenges for the transaction on Tuesday, according to Bloomberg.
