Here’s who will push Cdp into Assicurazioni Generali

Here's who will push Cdp into Assicurazioni Generali

What is said between Pd, M5s and center-right on the future structure of Assicurazioni Generali given the incursions of Del Vecchio and the potential role of Cdp

Right and grillini push for a CDM entry of the Mef into Assicurazioni Generali?

This is what is emerging in these hours on the Generali dossier which is also being examined by politics after Leonardo Del Vecchio's desire to rise to 20% in Mediobanca, the first shareholder of the Lion of Trieste.

The concerns of pentastellati and of the center-right are for the potential incursions of the French of Axa into Generali, according to the fears already expressed in the past by the center-right with the pounding ascent of Del Vecchio's Delfin which has had consolidated relationships with France for some time, also considering the merger of his Luxottica with the French Essilor.

To rekindle the indiscretions on the political will of circles even by the majority of government to arm the Generali's Italian spirit was today an article in the Mf newspaper of the Class editori group.

Cassa Depositi e Prestiti could acquire a small stake in Generali, in fact wrote Mf / Milano-Finanza according to which the move would be assessed in a defensive key if the risk of foreign interests to the purchase of the company were revealed following the reorganization of the control chain .

According to what is reported to MF-Milano Finanz a, in a meeting held in recent days between the Undersecretary for the Presidency of the Council, Riccardo Fraccaro (M5s), and the Deputy Minister for Economic Development, Stefano Buffagni (M5s), the hypothesis of involving Cassa Depositi e Prestiti, the group controlled by the Ministry of Economy, where necessary in defense, to protect Trieste's insurance companies with the purchase of a small symbolic fee.

The line outlined by the Cinquestelle – and usually Fraccaro and Buffagni are not always on the same line – would be that of non-interference in the Del Vecchio-Piazzetta Cuccia deal (Mediobanca is Generali's first shareholder), while holding high the defense flag to the bitter end of the Generali, should foreign aims arise as part of the rearrangement upstream of the chain of control, as feared by various political forces.

It is no coincidence that Adolfo Urso, senator of Fratelli d'Italia and vice president of Copasir, in recent weeks said: "We asked that the government prepare a national emergency plan to safeguard the Italian system by allowing CdP to use the resources of the Post Office to avoid colonization ". A precise, albeit indirect, reference also to Assicurazioni Generali.

While at the moment from the Pd and the League there are no clear wishes in this sense for Cdp, the group chaired by Giovanni Gorno Tempini and led by the CEO, Fabrizio Palermo, from the Five Stars reiterates: "The operation with which the Del group Vecchio intends to go up consistently in the capital of Mediobanca, with obvious and not even hidden spillovers on the subsidiary Generali, it must be monitored by all the institutions in charge with the utmost attention ", said Senators M5S Daniele Pesco, president of the Budget committee and member of the Commission of 'investigation on banks, and Elio Lannutti, parent company pentastellato in the same Banking Commission and member of the Finance Commission of Palazzo Madama.

Already in the past, Cassa Depositi e Prestiti, through the Strategic Fund, had acquired 4.5% of the Lion of Trieste from the Bank of Italy in 2012, then returning it to the market three years later, as per agreements with Via Nazionale, recalls Mf .

Although public attention towards Generali has grown in the last period, as demonstrated by the inclusion within the perimeter of the Golden Power, SIM analysts currently believe that direct intervention in the company's capital is unlikely. If this eventuality occurs, comments Equita , it is believed that this would lead to a reduction in the theoretical speculative appeal on the title.

So far, however, no M5s-style wishes have come from the Pd and the League on the Cdp.

(article being updated)

This is a machine translation from Italian language of a post published on Start Magazine at the URL on Wed, 10 Jun 2020 13:35:12 +0000.