By Giulia Petroni

 

Billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio together with banking foundation Fondazione CRT have taken their overall stake in Assicurazioni Generali SpA to more than 15%, the Italian insurer said on Saturday.

The Caltagirone Group currently holds a 7.558% stake in Generali, while Delfin Sarl, steered by Mr. Del Vecchio, has a 6.139% stake. Turin-based Fondazione CRT holds a 1.474% stake in the company.

Earlier this year, the parties made a deal to use their combined shareholding in Generali to push for a "more profitable and effective management," challenging Generali's largest single shareholder Mediobanca SpA.

They have agreed to consult each other over decisions, particularly on the appointment of a new board of directors ahead of the company's shareholders' meeting next year.

According to Italian media, the shareholders are preparing a new strategy plan that will likely have a stronger focus on asset management.

Mr. Caltagirone has been a member of Generali's board of directors since 2007, while Mr. Del Vecchio is chairman of Franco-Italian eyewear company EssilorLuxottica SA and the founder of Luxottica Group.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

December 06, 2021 07:26 ET (12:26 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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