UniCredit SpA is set to support a minority list of board candidates at Assicurazioni Generali SpA, aligning with investor Francesco Gaetano Caltagirone, a long-standing critic of Generali’s CEO Philippe Donnet, according to a Bloomberg report citing people familiar with the matter.
At a meeting on Wednesday, UniCredit agreed to vote in favor of the list submitted by Caltagirone. This move suggests that the bank is open to changes in Generali’s governance. A UniCredit spokesperson declined to comment on the matter.
Support from the Milan-based lender could strengthen Caltagirone’s position at Generali. Caltagirone has previously attempted to remove Donnet and opposed an asset management agreement announced earlier this year. UniCredit is also pursuing a potential acquisition of Banco BPM SpA, in which Caltagirone holds a minority stake.
Shareholder Meeting and Voting
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. Mediobanca SpA, Generali’s largest shareholder, and the families of the late Leonardo Del Vecchio and Caltagirone, the second- and third-largest shareholders, respectively, have proposed competing slates of candidates.
Mediobanca’s list includes Donnet and chairman Andrea Sironi. Caltagirone’s list does not include candidates for the CEO or chair roles but could gain an equal number of seats depending on the outcome of the vote. Disagreements have escalated this year following 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 deal.
Related Tensions and Implications
Caltagirone’s Generali stake, estimated at around €3.4 billion, makes up a significant portion of his portfolio. He and the Del Vecchio family are also large shareholders in Mediobanca and Banca Monte dei Paschi di Siena SpA and are advocating for a merger between the two banks to form a third major Italian lender. Mediobanca’s leadership has resisted this plan, while the Italian government, which retains a substantial stake in Monte Paschi, has expressed support.
The Italian government has also raised concerns over Donnet’s asset management deal with BPCE, a position echoed by board members backed by Caltagirone. Government involvement has complicated UniCredit’s plans to acquire Banco BPM, with the bank indicating that government-imposed conditions could pose challenges for the transaction.
