UniCredit SpA plans to support a minority list of board candidates at Assicurazioni Generali SpA, aligning with investor Francesco Gaetano Caltagirone, a long-time critic of the insurer’s chief executive, Bloomberg reported, citing people familiar with the matter.
At a meeting on Wednesday, UniCredit agreed to vote in favour of the list submitted by Caltagirone, according to the report. The move suggests the bank is open to changes in Generali’s governance.
A spokesperson for UniCredit declined to comment, Bloomberg said.
Support from the Milan-based lender could strengthen Caltagirone’s position at Generali. He has previously attempted to remove CEO Philippe Donnet and opposed an asset management agreement announced earlier this year. UniCredit is also pursuing a potential acquisition of Banco BPM SpA, in which Caltagirone holds a minority stake.
Generali has said that UniCredit, led by CEO Andrea Orcel, increased its stake ahead of the shareholder meeting and now holds 6.5% of the voting rights. The bank also reported owning an additional 0.2% not deposited for voting, bringing its total interest to 6.7%.
Shareholders met in Trieste on Thursday to elect a new board for a three-year term. The vote follows ongoing tensions between management and key investors. On one side is Mediobanca SpA, Generali’s largest shareholder, while on the other are the families of the late Leonardo Del Vecchio and Caltagirone, the second- and third-largest shareholders, respectively.
Both sides proposed competing slates of candidates. Mediobanca’s list includes Donnet and chairman Andrea Sironi. Caltagirone’s list does not include candidates for the CEO or chair roles but could gain an equal number of seats depending on the outcome of the vote.
Disagreements have escalated this year following Generali’s agreement with French banking group BPCE to merge their asset management operations. The deal aims to create one of Europe’s largest asset managers. Some board members aligned with Caltagirone have voiced opposition.
Caltagirone’s Generali stake, estimated at around €3.4 billion, makes up a significant portion of his portfolio. He and the Del Vecchio family are also large shareholders in Mediobanca and Banca Monte dei Paschi di Siena SpA, and are advocating for a merger between the two banks to form a third major Italian lender.
Mediobanca’s leadership has resisted that plan, while the Italian government, which retains a substantial stake in Monte Paschi, has expressed support. Rome has also raised concerns over Donnet’s asset management deal with BPCE, a position echoed by board members backed by Caltagirone.
Government involvement has also complicated UniCredit’s plans to acquire Banco BPM. On Tuesday, the bank indicated that government-imposed conditions could pose challenges for the transaction, according to Bloomberg.
