Generali's top investor ups voting stake ahead of AGM pick of CEO

Reuters

Published Sep 23, 2021 03:00PM ET

MILAN (Reuters) - Generali (MI:GASI)'s biggest investor Mediobanca (OTC:MDIBY) said on Thursday it had borrowed shares in Italy's top insurer to secure 17.2% of voting rights, upping the ante in a shareholder tussle over the choice of the next chief executive.

With its 12.9% stake Mediobanca is the single largest shareholder in Generali, followed by Italian billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio.

The two tycoons have struck a pact to consult over decisions concerning Generali and people with knowledge of the matter have said they will back a different CEO candidate if Generali's board proposes appointing current boss Philippe Donnet for another mandate.

Generali's board meets on Monday to discuss whether to submit its own slate of nominees, including Donnet, ahead of a general meeting next spring to name new directors.