ROME, Feb 13 (Reuters) - Delfin is planning to increase its stake in Generali, as stated by Chair Francesco Milleri on Thursday. This move could potentially amplify the influence of the late billionaire Leonardo Del Vecchio's holding company prior to the renewal of the insurer's board.
Delfin, currently holding 9.8% of the insurer, has received approval from Italian regulator Ivass to raise its stake above 10% following the group's buyback. Moreover, it has sought permission to escalate its ownership to up to 20%.
Milleri mentioned to the daily Il Sole 24 Ore, "There are still a few steps to go, but I would say that we will soon be ready to increase our stake."
Historically, the primary shareholders of Italy's largest insurer have clashed due to differing opinions regarding its Chief Executive Philippe Donnet. Donnet has consistently had the support of top shareholder Mediobanca. Conversely, Delfin and construction tycoon Francesco Gaetano Caltagirone - who holds just under 7% of Generali - have criticized Donnet for the insurer's perceived lack of growth under his leadership since 2016.
Donnet's tenure is due for renewal in the spring, and he has expressed willingness to continue for another term. Notably, Generali announced in January that its board would not nominate successors due to recent changes in Italy's corporate regulations.
Mediobanca is expected to propose its own slate of candidates for Generali's board renewal, with CEO Alberto Nagel indicating their commitment to appointing a leadership team capable of guiding the insurer through its revised strategy.
Caltagirone is contemplating challenging Donnet's reappointment and potentially nominating candidates to lead Generali, according to sources familiar with the matter. This mirrors a previous unsuccessful attempt three years ago led by him, with support from Delfin, to replace Donnet.