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Italy's Caltagirone ups Generali stake to just over 6%

Italy's Caltagirone ups Generali stake to just over 6%
Italy's Caltagirone ups Generali stake to just over 6%   -   Copyright  Thomson Reuters 2021
By Reuters

MILAN – Italian entrepreneur Francesco Gaetano Caltagirone has raised his stake in insurer Generali to just over 6% ahead of a board meeting this month where top management appointments are expected to be discussed.

Caltagirone, Generali’s second largest investor, in April snubbed the company’s AGM in a sign that he was unhappy with the balance of power among shareholders, sources told Reuters.

This week he added to his previous 5.96% stake by buying more than 1 million shares, or 0.07% of the insurer’s total capital, through vehicle VM 2006, a filing with market regulator Consob showed.

Caltagirone, whose businesses span construction to publishing, also has a stake in Mediobanca, Generali’s top investor with a 12.9% stake.

Trieste-based Generali is due to appoint a new board next spring and speculation has mounted over the future of CEO Philippe Donnet due to tensions among top shareholders.