The rise of continues Unicredit in the capital of Generalarriving above the threshold of 9% of the capital, after an increase in participation from the previous 6.68% to 8.72% had already been certified during the annual shareholders’ meeting. But the Banca di Piazza Gae Aulenti would then further increase its share, reaching over 9% of the capital and, between buybacks and other purchases, would be ready to rise to around 10%, a share which would trigger the obligation to seek the opinion of Ivass.
New stock purchases on the blocks?
What triggered the rumors of an increase in participation was a block of 3.75 million Generali shares, equal to 0.3% of the capital, which entered the market on Friday, for a value of 141 million euros. A movement that many have traced back to an operation carried out by the Banca di Piazza Gae Aulenti.
A strengthening of the partnership
Bloomberg, citing sources close to the dossier, writes that UniCredit’s decision to increase its stake in Generali “aims to strengthen commercial ties and the bank’s position in any transactions involving the insurance company”.
“This move comes within the framework of ongoing discussions on broader commercial agreements between UniCredit CEO Andrea Orcel and his Generali counterpart Philippe Donnet,” Bloomberg writes, adding “the aim is also to signal to third parties potentially interested in acquiring parts or all of Generali that UniCredit should be taken into consideration.”
The two CEOs have also met several times in recent months to discuss expanding existing partnerships in asset management, insurance and other sectors. According to the CEO of the Leone di Trieste, Philippe Donnet, the partnership “is working well” and, if the opportunity to expand it arose, “we would obviously be open to evaluating it”.
And not only…
The increase in Unicredit’s participation, however, would also be attributable to a strategic move by the Bank in the context of the risk which involves not only banks, but also insurance companies, to block any aspiration of third parties to increase their grip on the Lion of Trieste. Unicredit’s move, in fact, would make it clear to anyone who wants to acquire shares or obtain control of Generali that they will also have to consult Unicredit which is among the main shareholders of the insurance company.
Currently, the largest shares are held by the Montepaschi-Mediobanca duo (which holds 13.2%), the Del Vecchio family through the financial company Delfin (with 10.5%), Caltagirone (with 6.26%) and Benetton (with 4.86%).
