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Mediobanca Banca di Credito Finanziario S.p.A. (MDIBY)

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11.20+0.17 (+1.54%)
At close: 03:51PM EST
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  • Reuters

    Italian tycoons break up Generali pact to avoid regulatory scrutiny

    Francesco Gaetano Caltagirone has quit a pact with fellow Generali investor Leonardo Del Vecchio which the two Italian magnates had struck to challenge the insurer's top shareholder Mediobanca, a letter seen by Reuters showed. Two sources close to the matter said Caltagirone's move did not stem from disagreements with fellow pact members but was intended to prevent regulators from saying the pact was not a mere consultation accord. Caltagirone and Del Vecchio are, respectively, Generali's second- and third-largest investor.

  • Reuters

    Generali battle heats up as No.2 investor quits board

    MILAN (Reuters) -A boardroom battle at Generali has escalated after the No.2 investor in Italy's biggest insurer resigned from the board in a challenge to the reappointment of CEO Philippe Donnet. Donnet's bid for a new term as chief executive is at the centre of a struggle among Generali's biggest investors, including construction and newspaper magnate Francesco Gaetano Caltagirone, who stepped down from the board on Thursday. "It seems we may be reaching some 'crunch point'," Autonomous Research said.

  • Reuters

    Generali CEO to fight shareholder pressure with new plan

    Philippe Donnet, chief executive of Italy's largest insurer Generali, will on Wednesday outline a new company strategy to try to fend off a leadership challenge brought by two billionaire investors. Construction magnate Francesco Gaetano Caltagirone and Leonardo Del Vecchio, founder of eyewear giant Luxottica, have opposed the reappointment of Donnet, 61, whose mandate ends in April. Donnet is set to meet his previous plan's targets, but is caught in a clash between the two tycoons, respectively Generali's no. 2 and no.3 shareholders, and Mediobanca, the biggest Generali investor with a 13% stake. A good market reception on Wednesday for Donnet's strategy would make it harder for Caltagirone, 78, and Del Vecchio, 86, to unseat the French manager who has led Generali since 2016.