Italian Billionaires, Fondazione CRT Raise Overall Stake in Generali -- Update

By Giulia Petroni

Billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio together with banking foundation Fondazione CRT have taken their overall stake in Assicurazioni Generali SpA to more than 15%, the Italian insurer said on Saturday.

The Caltagirone Group currently holds a 7.558% stake in Generali, while Delfin Sarl, steered by Mr. Del Vecchio, has a 6.139% stake. Turin-based Fondazione CRT holds a 1.474% stake in the company.

Earlier this year, the parties made a deal to use their combined shareholding in Generali to push for a "more profitable and effective management," challenging Generali's largest single shareholder Mediobanca SpA.

They have agreed to consult each other over decisions, particularly on the appointment of a new board of directors ahead of the company's shareholders' meeting next year.

According to Italian media, the shareholders are preparing a new strategy plan that will likely have a stronger focus on asset management.

Mr. Caltagirone has been a member of Generali's board of directors since 2007, while Mr. Del Vecchio is chairman of Franco-Italian eyewear company EssilorLuxottica SA and the founder of Luxottica Group.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

December 06, 2021 07:26 ET (12:26 GMT)

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