Benetton family moves to keep Generali under Italian control
Insurance giant Generali should stay under Italian control, the Benetton family contends as it prepares to strengthen its hold on the company, according to a newswire report published on 19 May.
Luciano Benetton told La Repubblica newspaper that his family's holding company, Edizione, has increased its share as a defensive move against a possible takeover of the insurer by a foreign business, Reuters reported.
Leonardo Del Vecchio and Francesco Gaetano Caltagirone have also increased their share in the company, the article reported.
Zurich Insurance of Switzerland and Axa of France are seen as possible suitors, the article reported.
The former head of Telecom Italia, Marco Patuano, will not be given the opportunity to serve a second term as Edizione CEO, the article reported, and a successor will be selected from within Edizione's ranks, but will not be a member of the Benetton family, the article reported, citing Luciano Benetton. The term ends 24 May 2019.
Edizione manages the family's share of Generali, Autogrill, Atlantia and additional companies, Reuters reported.
Link to https://reut.rs/2WWvr0m