ROME (Reuters) – Delfin will soon hike its stake in Generali, Chair Francesco Milleri said on Thursday, in a move that may give greater influence to the holding company of late billionaire Leonardo Del Vecchio ahead of the insurer’s board renewal.
Delfin, which currently owns 9.8% of the insurer, was given a green light by Italian regulator Ivass to raise its stake above 10% after the group’s buyback and it has requested authorisation to raise it further to up to 20%.
“There are still a few steps to go, but I would say that we will soon be ready to round up our stake,” Milleri told daily Il Sole 24 Ore.
In the past, the main shareholders of Italy’s biggest insurer have clashed over different views about its Chief Executive Philippe Donnet.
Donnet has always been backed by top shareholder Mediobanca. Meanwhile, Delfin and construction magnate Francesco Gaetano Caltagirone – who holds a stake of just under 7% in Generali – have criticised Donnet, who has been at the helm of the insurer since 2016, for not making the group grow sufficiently.
Donnet’s mandate comes up for renewal in the spring and he has said he is ready to stay on for a new term.
Generali said in January its board would not put forward nominees as Italy has changed corporate rules making it harder for an outgoing board to nominate successors.
Mediobanca is likely to file its own slate of candidates for Generali’s board renewal, CEO Alberto Nagel said on Monday, adding his bank wanted to help name a leadership capable of steering the insurer through its new strategy.
Caltagirone is considering challenging his reappointment and is weighing potential alternative candidates to lead Generali, four sources had said.
The entrepreneur made a similar move three years ago, when he led a failed attempt to replace Donnet, with Delfin’s support.
(Reporting by Giulia Segreti, editing by Gianluca Semeraro and Emelia Sithole-Matarise)
