Latest news with #Donnet
Yahoo
2 days ago
- Business
- Yahoo
Monte dei Paschi's bid for Mediobanca lacks industrial logic, Generali CEO says
ROME (Reuters) -Monte dei Paschi di Siena's (MPS) bid for Mediobanca makes no industrial sense, the chief executive of insurer Generali said in an interview on Wednesday, adding that the bid was aimed at taking charge of his company. "The industrial logic is not clear, many have expressed doubts" (about the offer), Generali CEO Philippe Donnet told daily la Repubblica. "It is clear" that Monte dei Paschi's takeover is geared towards taking control of Generali, Donnet said, given that some shareholders own significant stakes in both the Italian banks and in the insurer. "I see this as a very negative scenario, it would be dangerous for a healthy management of the group. The company need to stay Italian, independent and international," he added. Construction magnate Francesco Gaetano Caltagirone and investment company Delfin recently acquired nearly 20% of Monte dei Paschi. They together hold 27% of Mediobanca and 17% of Generali. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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
Reuters
24-04-2025
- Business
- Reuters
Generali CEO faces shareholder vote on new term after contested Natixis deal
TRIESTE, Italy, April 23 (Reuters) - Generali ( opens new tab Chief Executive Philippe Donnet faces a shareholder vote on Thursday to stay in the job for another three years, after he struck a landmark asset management deal that irked both a major investor and the Rome government. The vote is the latest contest pitting top investor Mediobanca ( opens new tab, which owns 13% of Generali, against the second- and third-largest investors, who together own 17% of the insurer and 27% of Mediobanca itself. They are Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio, and construction magnate Francesco Gaetano Caltagirone. ITALIAN TAKEOVER BATTLES The latest shareholder clash at Generali, which is Europe's fourth-largest insurer, comes amidst a wave of consolidation in Italian finance, and it has implications for other takeover battles currently unfolding. In a move that is seen aiding its buyout offer for Banco BPM ( opens new tab, UniCredit ( opens new tab is set to side with Caltagirone on Thursday, after building a Generali stake of 6.7%. Caltagirone is close to conservative Prime Minister Giorgia Meloni, whose government has thrown a spanner in the wheels of UniCredit's bid for BPM with a set of conditions. Donnet, 64, has led Italy's biggest insurer since 2016 and was put forward for a fourth term by Mediobanca. After trying in vain to oust Donnet three years ago, Caltagirone has lined up six candidates for the new Generali board. In a newspaper interview on Sunday, Caltagirone, 81, said he did not have an alternative CEO to propose, but he could gain enough board seats to stop the "wretched" asset management deal. Generali in January signed a non-binding accord with French bank BPCE to combine their asset management units - Generali Investment Holding (GIH) and Natixis Investment Managers - to create Europe's biggest asset manager by revenue. Facing mounting criticism over a deal which needs government approval, Donnet has said the new board would not ignore opposition from Rome if that persisted. Mediobanca, which enjoys the backing of institutional investors, is expected to appoint nine members of Generali's 13-strong board. As of April 10, institutional investors held around 32% of Generali, retail investors nearly one fifth. Shareholders representing 68.7% of Generali's capital were represented at Thursday's meeting. Caltagirone could appoint three or four directors, depending on whether a group of fund managers who together own 0.7% of Generali secures a seat. Besides UniCredit and Delfin, Caltagirone can count on the backing of banking foundation CRT, while Italy's Benetton family is abstaining. The Natixis deal alarmed Meloni's government fuelling worries it could divert Italians' savings away from the country's large public debt. Strengthening its ties with the government, Caltagirone in November became a shareholder in bailed-out bank Banca Monte dei Paschi ( opens new tab (MPS), alongside Delfin, when the government sold a stake. Having since acquired a near 20% combined stake in the Tuscan bank, Delfin and Caltagirone last week helped MPS to secure ample shareholder support for a hostile bid to take over Mediobanca. The bid is seen as the next showdown in the long-running rift between Mediobanca and Delfin-Caltagirone.
Yahoo
05-04-2025
- Business
- Yahoo
Generali investors should vote to keep CEO in the job, proxy adviser ISS says
MILAN (Reuters) - Leading governance adviser Institutional Shareholder Services (ISS) has recommended Generali investors vote to hand CEO Philippe Donnet another term at a general meeting on April 24. Donnet has been put forward as a candidate by the insurer's main investor Mediobanca. ISS recommended voting for Mediobanca's slate of board nominees, and against two others. One of these was submitted by another major Generali investor who is a longtime Donnet opposer, while the other was submitted by a group of Italian fund managers. "Overall, the company has been performing well in recent years, and supporting the slate of candidates submitted by Mediobanca appears the best option for ensuring strategic and management continuity," ISS said. "Supporting alternative slates might entail significant risk of ungovernability and strategic disruption," it added in a proxy voting report for investors seen by Reuters. Sign in to access your portfolio
