Latest news with #Caltagirone
Reuters
4 days ago
- Business
- Reuters
Mediobanca shareholder Caltagirone sees no value in Banca Generali bid
ROME, May 30 (Reuters) - Mediobanca ( opens new tab and Generali ( opens new tab shareholder Francesco Gaetano Caltagirone on Friday expressed a negative view on the lender's proposed acquisition of the insurer's private banking unit Banca Generali ( opens new tab. Caltagirone was speaking on the sidelines of the presentation of the Bank of Italy's annual report, where Governor Fabio Panetta said bank mergers had to create value, "first and foremost" for customers.
Bloomberg
6 days ago
- Business
- Bloomberg
The Billionaire Who Would Revive Generali by Preventing a Deal
Construction magnate Francesco Gaetano Caltagirone is shaping Italy's M&A wave, seeking to ensure Generali doesn't 'fall into the wrong hands' The apartment blocks which Francesco Gaetano Caltagirone has constructed across Rome since the 1960s are so ubiquitous, the construction tycoon is sometimes referred to as the city's 'Eighth King." Now, the 82-year-old ruler of a corporate empire stretching from cement to newspapers, banks and insurance companies is engaged in a boardroom struggle that is set to shape the future of Italian finance — and define his own legacy.
Yahoo
28-04-2025
- Business
- Yahoo
Generali renews Donnet's CEO term for three more years
Italian insurance giant Generali has reappointed Philippe Donnet as its CEO for another three-year term following a shareholder vote at the company's annual general meeting (AGM). The list proposed by Mediobanca, Generali's largest shareholder with a 13% stake, secured 52.38% of the vote, ensuring Donnet's appointment. The coalition led by Delfin and Francesco Gaetano Caltagirone, which together control 17% of Generali, secured 36.8% of the vote. Mediobanca also retained ten seats on the board, including chairman Andrea Sironi, while Caltagirone's group secured three. Donnet has been serving as the company CEO since 2016, reported Reuters. Donnet said: 'I would like to sincerely thank Chairman Sironi for leading the outgoing Board with the utmost skill, professionalism and independence. I am also thankful to all the directors for ensuring a constructive and respectful dialogue with our management team." The appointment drew media attention following Generali's entry into a non-binding memorandum of understanding with French banking group BPCE to combine their asset management operations. Several media reports indicated that Mediobanca was in favour of the proposed deal and Donnet appointment, while the Italian Government and Caltagirone expressed concerns about the deal. Donnet added: 'Last month, we presented our 2024 financial results, which we are submitting for your approval today and which were excellent once more. Underpinned by the important results achieved over the last nine years, I am convinced that Generali will be even more successful going forward, and I am confident that 'Lifetime Partner 27: Driving Excellence' is the best possible strategy to achieve this.' The AGM also approved the Group's Long Term Incentive Plan (LTIP) for 2025–27, authorising the purchase and disposal of up to 7.2 million treasury shares to support the plan. Generali reported an adjusted net result of €3.8bn ($4.31bn) for 2024, a 5.4% increase compared with €3.5bn a year ago. "Generali renews Donnet's CEO term for three more years " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
25-04-2025
- Business
- Yahoo
Generali renews Donnet's CEO term for three more years
Italian insurance giant Generali has reappointed Philippe Donnet as its CEO for another three-year term following a shareholder vote at the company's annual general meeting (AGM). The list proposed by Mediobanca, Generali's largest shareholder with a 13% stake, secured 52.38% of the vote, ensuring Donnet's appointment. The coalition led by Delfin and Francesco Gaetano Caltagirone, which together control 17% of Generali, secured 36.8% of the vote. Mediobanca also retained ten seats on the board, including chairman Andrea Sironi, while Caltagirone's group secured three. Donnet has been serving as the company CEO since 2016, reported Reuters. Donnet said: 'I would like to sincerely thank Chairman Sironi for leading the outgoing Board with the utmost skill, professionalism and independence. I am also thankful to all the directors for ensuring a constructive and respectful dialogue with our management team." The appointment drew media attention following Generali's entry into a non-binding memorandum of understanding with French banking group BPCE to combine their asset management operations. Several media reports indicated that Mediobanca was in favour of the proposed deal and Donnet appointment, while the Italian Government and Caltagirone expressed concerns about the deal. Donnet added: 'Last month, we presented our 2024 financial results, which we are submitting for your approval today and which were excellent once more. Underpinned by the important results achieved over the last nine years, I am convinced that Generali will be even more successful going forward, and I am confident that 'Lifetime Partner 27: Driving Excellence' is the best possible strategy to achieve this.' The AGM also approved the Group's Long Term Incentive Plan (LTIP) for 2025–27, authorising the purchase and disposal of up to 7.2 million treasury shares to support the plan. Generali reported an adjusted net result of €3.8bn ($4.31bn) for 2024, a 5.4% increase compared with €3.5bn a year ago. "Generali renews Donnet's CEO term for three more years " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Mayor
24-04-2025
- Business
- Business Mayor
Mediobanca scores significant victory in fight for control of Generali
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Generali shareholders overwhelmingly backed chief executive Philippe Donnet for another three-year term, a significant victory for the insurer's largest shareholder Mediobanca with wider implications for Italian politics and finance. Mediobanca's slate of board candidates secured 52 per cent of the vote, giving them all 10 of the seats they put forward. The minority list proposed by construction tycoon Francesco Gaetano Caltagirone only secured 37 per cent, which translated to just three seats. The defeat for Caltagirone, the third-largest investor in Generali, and an ally of Italian Prime Minister Giorgia Meloni, is the second time that the billionaire's ambition to overhaul the management of Italy's biggest insurer has been thwarted. Donnet also successfully defended his seat against a challenge from Caltagirone in a 2022 management fight, in which Caltagirone was backed by Generali's now second-largest shareholder Delfin, the holding company of late Italian billionaire Leonardo Del Vecchio. Caltagirone and Delfin together form part of a web of crossholdings in Italian finance, where developments at one company can have implications for control of another. They are together supporting a hostile attempt by Monte dei Paschi di Siena to take over Mediobanca. The show of support for Mediobanca at the Generali meeting strengthens the Milanese bank's hand in its efforts to fight off the hostile bid. The vote was further complicated by the presence on Generali's shareholder register of UniCredit, which is currently attempting to complete its own domestic takeover of Banco BPM. UniCredit, which had rapidly built a 6.7 per cent stake in Generali ahead of the meeting — of which only 5 per cent had been disclosed before Thursday — sided with Caltagirone. By supporting Caltagirone, UniCredit indicated that it was seeking to appease Italy's government amid tensions over its attempted takeover of BPM. Last week, the Italian government imposed stringent requirements on the BPM deal, including a specific loan to deposit ratio for the next five years and a full Russia exit within nine months, which threatens to derail the transaction. UniCredit said this week its bid was in limbo as it seeks to clarify the details of the prescriptions with Rome. The Italian government retains a stake in MPS, which it bailed out in 2017, and has been keen to use the lender as a vehicle to create a strong third competitor to rival Intesa Sanpaolo and UniCredit domestically. Last week MPS shareholders, which also include Caltagirone and Delfin, overwhelmingly backed chief executive Luigi Lovaglio's proposed acquisition of Mediobanca. If the bid were to succeed, MPS would end up controlling Mediobanca's 13 per cent stake in Generali. Although Lovaglio told a London conference in March the stake was not 'crucial' to his plan to create a third large domestic banking group, analysts have said the deal has little industrial rationale. Critics have suggested it is ultimately aimed at helping Caltagirone seize control of the insurance group after failed bids to unseat Donnet.
