A strategic plan for Generali backed by rebel shareholder Francesco Gaetano Caltagirone goes in the right direction by setting up the company for growth, another of the top investors in Italy's biggest insurer was quoted as saying. Leonardo Del Vecchio, the billionaire founder of eyewear giant Luxottica and the third-largest investor in Generali behind Caltagirone, told Bloomberg in an interview that candidates put forward for Generali's board by Caltagirone were "highly competent and well balanced." Construction magnate Caltagirone has challenged the reappointment of Generali Chief Executive Philippe Donnet, by proposing the group's former head of Austria, Luciano Cirina, as an alternative CEO.
Two investors in Generali said on Tuesday they had dissolved a pact they had struck last year to challenge the Italian insurer's top shareholder Mediobanca over the renewal of the board. Delfin, the holding of the Italian billionaire Leonardo del Vecchio, and Fondazione CRT said they ended the pact as of March 27 since the purposes for which they signed it have ceased to exist. Europe's third-largest insurer is at the centre of a shareholder battle that has cast doubt on the reappointment of CEO Philippe Donnet, whose term ends in April.
MILAN (Reuters) -Rebel challengers to Generali's current management pledged to increase earnings by a double-digit percentage and free more cash for takeovers, setting out their plans for Italy's largest insurer before a showdown next month. Generali faces a power struggle over its board when shareholders vote on April 29, with investor Francesco Gaetano Caltagirone putting up his own candidates for the top jobs. Caltagirone's camp set out their stall on Friday with a plan dubbed "Awakening the Lion", a reference to Generali's nickname "The Lion of Trieste", which features on its logo.