Alberto Nagel and Francesco Gaetano Caltagirone
Nagel wins but is ready to leave Generali. This is how Mediobanca prepares for transformation definitive
The first fact, the most awaited and also the most obvious, is that the board of directors’ list won. It was predictable, also because the proxy advisors had already said they were in favor of continuity, albeit with some doubts about the president Renato Pagliaro who does not have the independence requirements that are required at an international level. It is also the victory of a management that closed the last fiscal year with a billion in profits and picked up where it left off with another 352 million in the first quarter.
READ ALSO: Mediobanca, the board of directors list wins (52.6%). Delfin received 41.74% of the votes
The role of Alberto Nagel thus he is confirmed for another three years. But now the most complex game for him begins: that of managing to convince Francesco Milleri and Francesco Gaetano Caltagirone. Also because there is no point in going around it: Mediobanca is Leo’s starter in 2025. A passage that did not escape Nagel who, in his report to the assembly, recalled how Generali remains a strategic holding, unless better conditions arise.
READ ALSO: Mediobanca, the meeting is approaching. But the real battle will be for Generali
Which? It’s no mystery that Mediobanca is looking to further expand its wealth management firepower. And if to achieve this objective it was necessary to sell 13% in General (and definitively complete the repositioning from a good living room to a profitable machine), no one would look in the face. How to read the 32.05% of the shares present at the meeting that chose Delfin’s list? It was the “low” range, but no one expected Assogestioni’s exploits, which went above 4% against all expectations. Caltagirone, as we have already said, could afford the luxury of watching the match in an (almost) disinterested way. And Milleri, who also put his face into it, is more interested in the internal battle within Delfin and the fight with Del Vecchio’s heirs, which is very far from being resolved. And he can still say that another piece has been planted. In short, we will see: what is certain is that Mediobanca will continue to change its skin. Maybe, without having a foot in Leo anymore.
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