Overview

• Francesco Gaetano Caltagirone said safeguarding Generali from “falling into the wrong hands” now outweighs marginal profit gains.
• He described the proposed asset management joint venture with Natixis as fragile and lacking sufficient economic rationale.
• While acknowledging Donnet’s strength as an insurer, Caltagirone argued that the CEO lacks a clear strategy for expansion or acquisitions.
• Since Donnet became CEO nine years ago, Generali’s market capitalization rose from €15 billion to €50 billion with €13.7 billion in dividends and 40 acquisitions.
• The remarks follow Unicredit CEO Andrea Orcel’s recent claim that government restrictions are hindering banking consolidation efforts.