can rise above 10% The hypothesis of the climb- Corriere.it

The match for control of Assicurazioni Generali could have a second half. IVASS, the insurance supervisory institute, has in fact authorized the Delfin of the Del Vecchio family to bring its shareholding in the Italian giant of policies to over 10%, writes The Republic. A shot that could revolutionize the schemes that were imposed after the battle last summer, with Leonardo Del Vecchio and Francesco Gaetano Caltagirone on one side and Mediobanca, Generali’s first shareholder with 13%, on the other.

With the victory of the list promoted by the company’s board of directors, supported by Piazzetta Cuccia, and the reconfirmation of the CEO Philippe Donnet for another three years, the games seemed closed. And instead everything moved again on the market. The request was presented without fanfare in mid-April because – already having 9.8% of Generali’s capital – Delfin had involuntarily exceeded the 10% threshold due to the buyback of treasury shares by the company.

Exceeding the quota was therefore a technical fact which however induced Francesco Milleri, the manager who runs the safe owned by the heirs of Leonardo Del Vecchio (who died in May 2022), to seize the opportunity and ask the Supervisory Authority to be able to remain above 10% and possibly go beyond that. Effectively paving the way for a new target for participation which could rise to 20%. Milleri could have sold a small block of shares and gone back under 10%, but he didn’t do it. He preferred to raise. IVASS – written in resolution 54 of the supervisory authority reported by The Republic but not yet published on the Authority’s website — authorizes Delfin to hold a qualified holding of more than 10% of Generali’s share capital.