Accredited sources report a more positive Philippe Donnet
There are seven days to April 29, when the assembly of General will decide the future – not only in the short term – of the Trieste-based company. The sides are well known: on the one hand the trio Caltagirone-Del Vecchio-Crt, thanks to an endowment of actions to be calibrated, but of considerable size. The latest survey on the Generali website speaks of 9.49% for the Roman manufacturer and 6.59% for the Agordo-based entrepreneur. But accredited sources speak of a possible rise of Del Vecchio up to (at least) 8.2%, with the possibility of reaching 9.9% after the dissolution of the consultation agreement with CRT. In turn, the Turin foundation holds a 1.23% stake. There is therefore the possibility that in recent days the “pattisti”Even reach over 20%.
Then there is the position of the Benetton family to consider: the entrepreneurs from Treviso, committed to the takeover of Atlantia, have never formally said which side they wanted to be on, but have always leaked a certain dissatisfaction with the management. Donnet and it would therefore be natural to think that they are oriented to support the Caltagirone list, with Claudio Costamagna president e Luciano Cirinà CEO.
On the other side of the fence there are Mediobanca (which has 17.2% of the voting rights after having borrowed 4.41% of the capital of Leone) and De Agostini, which has already put its 1.44% of the insurance company up for sale but which will go to the Assembly with the entire package and will make it available to the list of the board of directors.
So on paper the “pattisti”Enjoy a slight numerical advantage. But what does the remaining 60% (and even more) of the capital intend to do? Today, Norges Bank, the Norwegian sovereign fund that holds a stake of between 1.15 and 1.5% of Generali, joined the list of the outgoing board.
Other institutional investors such as Casali Foundations, Union Investment, Florida SBA, British Columbia Investment Management, e California Public Employees Retirement System (which in the last meeting had 0.55%) have already communicated their intention to vote for the list of the board of directors.
The proxy advisors – ie the “advisers” of the funds – have already expressed their opinion on continuity. There remains, so to speak, only the unknown factor of retail, which holds an overall share of 22.25%. Traditionally there have never been any particular attendances at the assembly, but it is also true that this is a particularly significant occasion.
For this reason, in Trieste they really start to breathe after months spent in apnea. Accredited sources report a Philippe Donnet more positive and so would the other members of the outgoing board of directors who feel the victory for next Friday closer than it was in recent months.
However, there is one last point that, in the event of a win on the list of the outgoing board of directors, will inevitably have to be strengthened: that of M&A in Italy and Europe. The accusation of “immobility”Moved by the duo Calta-Del Vecchio is not completely groundless. For this reason, the anticipation of Il Sole 24 Ore confirms that Generali, after Axa and Crédit Agricole, would like to be interested in the policy branch of Bpm.
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