Generali fails in bid to get rebels on board, tips hat to their M&A hopes
Generali is struggling to secure boardroom stability in the first months of a new board term, failing in a second attempt to keep a rebel shareholder group in the fold.
The Italian insurer, fresh from an April 29 GM and board election, failed in its first attempt to find a replacement for the leader of that disgruntled shareholder group, Francesco Caltagirone, who resigned not long after the vote.
Talks with Roberta Neri, the first unelected candidate in the list presented by the Caltagirone group, ended with Neri rejecting the post and Generali heads back to the drawing board.
A board decision to realign its committee structure did suggest a tip of the hat to the disgruntled shareholder group.
An investment committee has been tasked with overseeing investment and divestment operations “as well as merger and acquisitions, alliances and strategic partnerships,” also via joint ventures, with a minimum value of €250 million, Generali said in its statement.
That could speak to the alternative vision presented by the rebel shareholder group.
The Caltagirone-led group had accused current management of an under-achieving strategy. They vowed to beat the current team on growth and profits via both strong M&A and notable cost cutting while still lining investor pockets.
In the end, the group secured 42% of the key vote, above the momentum visible in headlines and commentary leading up to the GM.
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