Activist Generali investors call for "open dialogue"

MILAN, Feb 15 (Reuters) - Two activist investors in Generali GASI.MI on Tuesday urged Italy's leading insurer to engage in "an open and constructive dialogue" to overcome issues that have held back its growth.

Generali is at the centre of a shareholder battle pitting a group of investors including eyewear billionaire Leonardo Del Vecchio against its single biggest shareholder Mediobanca MDBI.MI .

Del Vecchio's Delfin investment vehicle and banking foundation Fondazione CRT said it was important for a company of strategic relevance for Italy such as Generali to engage with shareholders and respect their rights.

Delfin, Generali's third-largest investor, and CRT said their consultation pact over Generali remained in place, as they sought to provide their view of what the insurer's future should be like after investing "significant resources" in it.

"Delfin and Fondazione CRT are long-term shareholders," they said in a joint statement.

"As such they firmly believe only an open and constructive dialogue ... can allow the insurer to pursue a path of sustainable growth, overcoming issues that affected its competitive positioning in Europe."

Generali declined to comment.

Del Vecchio and fellow tycoon Francesco Gaetano Caltagirone, a construction magnate who is Generali's No.2 investor, have complained in the past that Generali lags in size compared to peers such as France's AXA AXAF.PA or Germany's Allianz ALVG.DE .

Generali for its part has pointed out its total shareholder returns since CEO Philippe Donnet presented his first business plan in November 2016 surpass those of AXA and Allianz.

Throwing the gauntlet at Mediobanca, Del Vecchio and Caltagirone in September joined forces in a consultation pact that was later joined by CRT. The two magnates are both investors in Mediobanca, of which Del Vecchio owns nearly 20%.

Caltagirone last month quit the Generali pact to avoid drawing regulatory scrutiny ahead of proposing a slate of nominees for the renewal of Generali's board in April.

Del Vecchio and Caltagirone have questioned Donnet's reappointment, which is backed by Mediobanca and faces a shareholder vote in April.

People familiar with their thinking have said they believe Generali has favoured paying dividends over expansion through M&A.

After backing Donnet's first two business plans, Caltagirone voted against the CEO's new strategy in December while a representative for Delfin did not attend the board meeting. They have both stepped down from Generali's board since then.
Reporting by Claudia Cristoferi, writing by Valentina Za Editing by Keith Weir

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。