General Assembly, Unicredit rises to 6.5% and goes to the vote in Caltagirone. Edition opens
The news at the opening of the day is that Unicredit would be going towards the favorable vote with its 5% at the Caltagirone list. It would have already risen to 6.5%
Opens with A turnout of 68.7%, lower than expected, the Generali Assembly In Trieste who will have to express himself on the renewal of the board on the basis of three lists: the majority of Mediobanca who re -nominates the CEO Philippe Kminit and President Andrea Sironi.; that of the Caltagirone Group and finally the Assogestioni list. The news at the opening of the day is that Unicredit would be going towards the favorable vote with its 5% at the Caltagirone list. After yesterday’s board, CEO Andrea Orcel would therefore have taken the choice to support the minority list of the Roman entrepreneur, as anticipated by Bloomberg. At this point, the participation in Generali will no longer be only financial but will also have an industrial value, to play a game in generals with the role of stabilizer of the structures. The bank would already be 6.5% of the lion.
They showed up with shares above 3%Mediobanca (13.04%), Delfin (9.93%), Caltagirone Group (6.82%, unchanged), Unicredit which surprised 6.51%), and edition (4.33%, a percentage filled compared to the previous 4.8%.
There are 13 votes due to the assembly: 2024 budget with the annual report, useful destination, appointments and compensation of the Board of Directors
The role of Caltagirone
Before the opening of the Assembly, then, Caltagirone can count on the consent of the Delphin ally, which of Generali has 9.9%, on 2% of CRT (which, however, has not yet officially expressed itself) and therefore on the package of Unicredit that could have more than 5.2% declared a few weeks ago but which according to some sources could already be 6%. Orcel’s choice comes at a time when the bank seems to have started a dialogue with the government on the Golden Power issue on Banco Bpm decided by the Council of Ministers.
The choice
The choice would demonstrate that the second Italian bank is in favor of a change in the governance of the insurance company, they declare sources. A position therefore that shares with Caltagirone. The difference of views between the two parties, Management and Caltagirone, have tightened themselves this year due to the agreement between the insurance company and the French banking group to combine their investment units in order to create the second largest asset manager in Europe. Some members of the board of directors of Generali, supported by Caltagirone, expressed opposition to the agreement.
Abstained edition
Edition of the Benetton family (4.8%) would have decided not to express itself for the renewal of the boardrefraining on the agenda of the day. Instead voting in favor of all the other voices. While CT could align in Caltagirone. The Roman group should present itself with its 7% in a game, that of today, which, in its eyes, is a moment of passage. The Roman entrepreneur, like Delfin, prefers to wait for the conclusion of the Opes of Monte dei Paschi (the Roman group has 9.9%) on Mediobanca who, if it goes to the port, will deliver to MPS 13.1% of the lion in a wallet in Piazzetta Cuccia. The evaluation, from what emerges, could also be shared by edition that will carefully follow the evolution that may concern Mediobanca, therefore general, and which passes through MPS. Edition has 2% of Mediobanca, but no decision is made. Now the match for the memorial of CEO Philippe Kminit is in the hands of the vote of the funds
