Last battle before the battle for the management of Generali

In Milan, it’s time to settle scores. A month before a decisive general meeting at Generali, the rivals of the current boss Philippe Donnet presented Friday an alternative strategic plan supposed to bring the first Italian insurer to the level of its European rivals, the German Allianz and the French AXA.

The plan ” Awaking the lion “was exposed by Claudio Costamagna, former banker of Goldman Sachs and ex-boss of the Italian Caisse des dépôts, proposed as chairman of the board by the shareholder Francesco Gaetano Caltagirone, who took the head of the revolt with the billionaire Leonardo del Vecchio.

“Waking the Lion”

It is in opposition to the strategic plan presented in December by Philippe Donnet, candidate for its renewal. ” That of last December is placed under the sign of inertia and characterized by a very low level of ambitionhammered Claudio Costamagna. We want to make the group profitable and have more cash to develop and be better positioned for our growth“.

The objective is thus to achieve profits of approximately 4.2 billion euros in 2024 (compared to 1.4 billion in 2021), savings of 600 million and cumulative cash reserves of 9.5 to 10.5 billion over the period 2022-2024. Up to 7 billion euros would be released for mergers and acquisitions.

We need to rationalize our geographic presence by focusing on markets that ensure growth and profitability in the medium and long termexplained Claudio Costamagna. We want to consolidate our leadership in Italy, our position in France and Germany, but also ensure our growth in Eastern Europe, China and India and develop our presence in the USA, particularly in the asset management sector. “.

A 14% growth in earnings per share, as promised by Claudio Costamagna, would not only exceed Generali’s existing plan, but the entire sector, noted analysts at BNP Paribas Exane. “If you’re offering this to investors, you have to be prepared to back it up. We don’t feel like we saw that today,” they wrote in a note.

“Italian Sovereignty”

In an interview granted to the economic daily “Il Sole 24 ore”, Francesco Caltagirone assures us that he hopes that the first transalpine insurer will become a large multinational “ with Italian sovereignty “. He virulently criticizes the balance sheet of Philippe Donnet, guilty in his eyes ” small cabotage operations with disappointing acquisitions without the proper vision for a large company that can meet global challenges “.

His candidate for the succession of the current boss is none other than one of his closest collaborators, who participated in the development of his strategic plan 2022-2024: Luciano Cirina. Responsible since 2018 for Generali’s activities in Austria and Central Europe, he was suspended from his duties on Wednesday. The two camps will now face off in front of the shareholders at the general meeting on April 29.

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