7 of Mediobanca first shareholder of Generali

It took that a small sentence of Vincent Bolloré Friday, in Milan, at the exit of a meeting at the headquarters of Mediobanca, to revive speculation about Antoine Bernheim, the Chairman of Generali. "It's a psychological effort too hard for me to think about someone else Bernheim at the head of Generali, it's too difficult," said breton businessman, which displays "great affection" for which the mandate will be released game on 24 April, at the general meeting of the insurance group, in Trieste. Early March, Vincent Bollore had yet held a different speech. "Bernheim has done a tremendous job at the head of Generali, footprint is considerable, but the question, it is his age, had said March 3, and, anyway, there is a democratic process." Implication: replace.

If its renewal seems today less assured, Antoine Bernheim is less at its eighty-five years to the desire of renewal which desire some of its shareholders. Generali crossed 2009 brilliantly, to increase its profits by more than 50 despite the crisis economic ("Les Echos" from March 19). So far, "the Group asleep on his laurels", it deplores in UniCredit. In the corridors of Mediobanca, we're going to mutter as "Bernheim, in her head, remained stranded in the 1970s, and that for him, the France and China, it's the same thing." "It is how it is time he left." "Management has enough, he also understands a small shareholder, Generali must clarify its strategy rather than getting lost in speculation on its governance whenever that arrives the Assembly of the spring." A feeling that seems to be shared at the time where the profession is poised to experience profound regulatory changes at European and global levels.

To use "diplomacy" to not offend the individual, observe some. "No one believes maintain Bernheim in current operational duties." "Its mandate of three years maturing, be praise it until 24 April and create a non-executive position for another year", summarizes a part.

Situation clarified after Easter

The device is in place. Contrary to appearances, the fact that UniCredit faster than expected participation in the capital of Generali, sold the last week (2.8 of the capital), restores margins of manoeuvre to the Bank of Alessandro Profumo. For these titles, changing hands, have found the voting rights attached to them and that the stock market authorities had denied them following the UniCredit-Capitalia merger. Or the new holder is the foundation of the savings of Torino (CRT), fourth shareholder of UniCredit, associated with the investment Ferak Fund, which already held on its side 1.7. In addition, UniCredit owns 8.7 of Mediobanca, first shareholder of Generali.

Everything will be clear after Easter, because Generali shareholders have until April 6 to submit lists of candidates. Among names circulating to replace Antoine Bernheim: Giovanni Perissinotto, one of the two current delegated administrators of Generali and Cesare Geronzi, Chairman of Mediobanca. If the latter earned the part, multiple personalities would be ready to succeed him as head of the Milan business bank. Including Fabrizio Palenzona, Vice-President of UniCredit, Renato Pagliaro, currently Director General of Mediobanca and Vittorio Grilli, Director of the Treasury in the Ministry of finance.