Generali in the spotlight, countdown to the shareholders' meeting
On a day with the stock markets in the deep red, the Lion is limiting its collapse in view of the meeting to be held on 24 April, where a close confrontation is expected between the majority list promoted by Mediobanca and the minority list of Francesco Gaetano Caltagirone, with Assogestioni as a possible third party
2' min read
Le ultime da Radiocor
Cedacri: in I semestre ebitda sale a 124 mln, migliora leva finanziaria
Borsa: Trump gela i mercati, Milano (-1,2%) limita i danni con rimbalzo oil
*** BTp: spread chiude in rialzo a 81 punti, rendimento decennale balza al 3,90%
2' min read
(Il Sole 24 Ore Radiocor) - For the third consecutive session, Piazza Affari was hit by selling, particularly on stocks in the financial sector. Among these, those limiting the damage - albeit with a still heavy loss - is Generali.The share price, moreover, is affected by the wait for the shareholders' meeting on 24 April, which is expected to see a fierce confrontation between the majority list promoted by Mediobanca (which aims to confirm the Trieste-based group's current management) and the minority list of Francesco Gaetano Caltagirone, with Assogestioni as a possible third party. A fluid scenario in which the positions of Unicredit (accredited with more than 5% of the capital, but which could actually come close to 10%) and Edizione still remain to be defined. At the same time, in view of the record date of 10 April, further rounding-up by some private shareholders such as Caltagirone (at around 7%, according to the latest updates) and Delfin (close to 10%) cannot be ruled out, perhaps by taking advantage of the latest share price falls. This while Mediobanca, it should be remembered, is the leading shareholder of the Lion with 13%.
In this regard, it should be recalled that over the weekend it emerged that the proxy advisor Iss advised Generali shareholders to vote in favour of the list presented by Piazzetta Cuccia at the next shareholders' meeting, preferring it to the lists presented by the Caltagirone group and Assogestioni. According to Iss, "the company has recorded good results in recent years and support for this list seems the best option to guarantee strategic and management continuity". Otherwise, 'support for alternative lists could entail a significant risk of ungovernability and disruption of the strategy'. Now the wait is rising for the position that Glass Lewis will take, also because on the Mps increase aimed at the Ops Mediobanca had given a favourable opinion (while Iss was against). The recommendations of the proxy advisors are under close scrutiny because the funds hold a significant share of the Lion's capital and their orientation will most likely be decisive for the outcome of the game at the shareholders' meeting.
