Leonardo del Vecchio, head of EssiLux Group, endorses the strategic program “Awaken the Lion”, introduced by the list led by Francesco Gaetano Caltagironi, owner of 9.5%, in light of the renewal of General’s rule on April 29. The plan offers “a long-term entrepreneurial vision that considers not only profits but also the company’s need for growth,” explains in an interview with Bloomberg News, entrepreneur Agordo who, through Delfin, owns about 8% del Leone di Trieste and is the third shareholder: According to For the international news agency, it could get closer to 9.9%. The program developed by Caltagirone Group “gives an idea of a strong company, with a great future but may have been stymied by a shareholder only interested in making a profit”. Alluding to Mediobanca, Trieste’s 12.8% number one shareholder and supporter of the board-list that renamed Philip Dunnett as CEO.
“The Lion’s Awakening” in the Caltagirone plan for the Generali: a big jump in the title touching 20 euros
Old school
“I am an old schooler – adds Del Vecchio – who believes that entrepreneurs should invest their resources. I recently discovered that company shares can only be borrowed to vote at a shareholder meeting and then returned to their owners. If this practice becomes common and legitimate, I believe it will have grave consequences for our economy.” Always referring to Mediobanca for borrowing 4.42% of the Generali from Bnp Paribas for the sole purpose of using the vote package at the meeting that called for the renewal of the Council.
Del Vecchio’s endorsement of Caltagirone’s proposed list of candidates reinforces his “high competence”, particularly with regard to figures such as Flavio Cattaneo, Marina Bruggi and Roberta Neri. The King of Spectacles defines it as “well-balanced” and notes that the CEO candidate, Luciano Serena, has a “perfect understanding of how Generali operates and has deep roots in Trieste where she was born and which represents the beating “heart of this country’s insurance sector”.
Del Vecchio continues: “The market reaction has already been positive to Caltagirone. The share price is going up and Generali is proving to be a good financial investment.” We must remember that in the wake of the alternative listing, Generali shares broke the €20 wall, which did not happen Since November 2008.
With Claudio Costamagna, Generali could have “a president with operational skills capable of creating value for the company and providing tangible support in managing the significant transformations we hope to see in Generali’s future,” Del Vecchio notes.
Shock
“Awaken the Lion” claims that the Trieste-based company can double its revenue thanks to its strategy, which includes cutting costs – with a cost/income of 55% and an increase in M&A activity of up to 7 billion. Moreover, it aims to achieve 4.2 billion net profit in 2024, to exceed 5 billion in 2025 and 2026 compared to 2.8 billion in 2021, with cumulative cash generation between 9.5-10.5 billion in 2022.-2024 and nearly 1.6 billion They are dedicated to digital technological transformation.
The Romanian Entrepreneur Program is a clear departure from Donnet’s strategy of expanding into the high-margin asset management sector. While presenting project guidance to the market, Costamagna and Cirinà made it clear that if Caltagirone’s list wins a majority of the board, a new industrial plan will be launched in the following six months. After all, the goal is precisely to revolutionize a Generali that is going slow compared to its competitors: despite big increases in purchases by the two entrepreneurs, Generali is still worth 31 billion, Axa 64 billion, Allianz 88 billion, and Zurich 68 billion Swiss francs (66 billion euros).
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