Generali, Del Vecchio-Caltagirone pact exceeds 16% of the share capital

Leonardo Del Vecchio continues shopping for Generali shares. In the last few days, the entrepreneur and president of Essilorluxottica through the Delfin holding bought 1.7 million shares, equal to approximately 0.1% of the capital, rising to 6.618% of the insurance company. The consultation agreement signed with Francesco Gaetano Caltagirone and Fondazione Crt exceeds 16%, reaching 16.069% and still approaching 17.22% of the voting rights held by Mediobanca, in view of the shareholders’ meeting in April called to renew the board of directors of the Lion. The pact between Del Vecchio and Caltagirone calls for discontinuity at the helm of the company, while Mediobanca and De Agostini, which holds a 1.4% stake, aim for the reconfirmation of the group ceo Philippe Donnet. In an interview with Corriere della Sera Del Vecchio, without naming Generali, he explained that in Italian finance “we must begin to tear down walls and create first national and then European champions, to compete on an equal footing with international giants. as entrepreneurs rather than financiers. Dividends today are often at the expense of the dimensional growth of companies “. A criticism, this, made to the management of Donnet, generous in terms of the remuneration of the shareholders but accused of bringing poor results on the dimensional growth. “Unfortunately, the world of national finance is the most fragile and delayed one, protected up to now by strong regulations and relationships that will no longer be able to guarantee its survival”. For the entrepreneur “for this and for many other reasons the slogan ‘small is beautiful’ is not only false, but spreads an illusory tranquility that curbs any urgent need for change”. According to Del Vecchio, “we need revolutionary choices that unhinge all the bonds that come from the past” and “all the positive forces of the country must contribute to building this new world, renouncing convenient income from position”.