Generali

According to Reuters, UniCredit has discussed the acquisition of Delfin’s 17% stake in Monte dei Paschi di Siena (MPS). UniCredit could also be interested in acquiring Delfin’s 10% stake in Generali. As a reminder, last year UniCredit built a c.7% stake in Generali, describing it as a “financial investment”, before subsequently reducing this position to a reported 2%. The article also refers to a potential direct interest in Delfin itself, the holding company of Italy’s Del Vecchio family.

The potential sale of assets by Delfin would be consistent with previous press reports suggesting that Delfin shareholders may be willing to monetise parts of the portfolio, notably by divesting peripheral stakes in Generali, MPS, UniCredit, etc. Such a move could also be linked to the ongoing investigation by the Public Prosecutor’s Office in Milan into alleged collusion in the attempt to acquire control of MPS, involving Francesco Gaetano Caltagirone and Delfin’s chairman, Francesco Milleri.

If confirmed, the acquisition of Delfin’s stake in MPS — which itself holds a 13.2% stake in Generali — and/or its direct stake in Generali could once again materially reshape the governance landscape within the group. Historically, Delfin has aligned with Caltagirone in opposing Philippe Donnet. UniCredit’s positioning could prove materially different. A few months ago, MPS’s successful bid for Mediobanca — historically a strong supporter of Donnet — significantly increased pressure on Generali’s management. This development was likely a contributing factor behind the decision to abandon the planned merger between Natixis and Generali’s asset management arm.

Meanwhile, the recent appointment of Giulio Terzariol as Group Deputy CEO has been widely interpreted as an attempt by Donnet to position an internal successor, should opposition from Caltagirone and Delfin prevent him from completing a further three-year term as CEO.

On the positive side, if confirmed, these developments could support the share price, as renewed manoeuvring for control may prompt minority shareholders to build larger positions, thereby generating incremental buying pressure on the stock.

On the negative side, persistent power struggles risk destabilising Generali’s governance, making it more difficult for management to steer the group and pursue strategic initiatives — as illustrated by the failed attempt to merge the asset management business with Natixis IM.

For shareholders, it is also crucial that Generali does not become a pawn in wider power struggles, with capital allocation decisions driven by external agendas rather than long-term value creation.

Overall, speculative interest may continue to dominate in the near term. Beyond near-term market dynamics, however, the group needs greater stability to allow management to pursue a clear and coherent medium-term strategy.