Generali collects a first victory over Cattolica one week after the end of the takeover bid launched on 4 October at 6.75 euros per share. Warren Buffett has joined the public offer of the Leone, which already holds 23.672% of the capital of the Veronese group. The indiscretion of the “guru” of Omaha, leaked yesterday, constitutes an important paper for the CEO Philippe Donnet to be presented to the financial community with the new industrial plan scheduled for December 15th.
In fact, Donnet had clashed with Francesco Gaetano Caltagirone and Leonardo Del Vecchio on the bailout of Cattolica, planned in the summer of 2020, who today are asking for discontinuity at the top of Generali and have signed a syndicate pact with CRT, which has already reached 13.43% of the capital.
But let’s go back to the Catholic game. Surprisingly, Buffett (with approximately 6.93% of the capital) joined the takeover bid. The Oracle of Omaha joined the Veronese insurance company in October 2017 with an investment of 115.89 million (equal to 7.35 euros per share). The “yes” of the American guru to the offer of the Lion – despite the price proposed by Generali is 50 cents per share less than the carrying value of the shareholding – represents an important psychological signal for the market and for those who, between small and large shareholders, have so far bet on an upward adjustment of the Lion’s offer.
In Piazza Affari Cattolica, which since the announcement of the “oracle” of Omaha delivers its 7% and the Lion breaks through 42%. Eyes on the big shareholders At the end of May, OPA always quoted above the takeover bid price and almost always above € 7 per share, closed the session at € 6.96, down 1%, while Generali gained 0.2% at € 18.62.
Today Generali, which a year ago entered Cattolica with a capital increase of 300 million (to 5.55 euros per share), can therefore count on a total of 42.579% of Cattolica’s capital (18.907% is the capital brought to the Takeover bid). The decisions of the Banca del Monte di Lombardia Foundation (to 3.1% of the share capital, already devalued in the balance sheet to 6.75 euros per share, the price of the takeover bid) and of Cariverona (approximately 1%) should also arrive shortly. . For Donnet, therefore, the goal of reaching a majority of the capital of Cattolica is approaching, while the goal of reaching 66.7% of the capital (block majority) of the Veronese company and then launching the delisting is still a long way off. But there is still one week left for the games to close: the offer ends on October 29th.