Mediobanca's stake in Generali drops back to just under 13% after AGM win

·1 min read

MILAN (Reuters) - Mediobanca's stake in Generali is down to just under 13% after the investment bank returned shares it had borrowed to have a greater say at a shareholder meeting of the insurer last month, a regulatory filing showed on Wednesday.

The bank had borrowed shares in Italy's biggest insurer to reach a 17.2% voting stake at the annual general meeting (AGM) where Mediobanca-backed CEO Philippe Donnet was elected for a third term, surviving a challenge from rebel domestic investors who were calling for a change at Generali.

The vote followed months of bitter infighting at the heart of Europe's third-largest insurer with investor Francesco Gaetano Caltagirone, backed by his fellow billionaire Leonardo Del Vecchio, pushing to appoint new top executives to pursue their own plan for faster growth and more acquisitions.

(Reporting by Maria Pia Quaglia; Editing by Keith Weir)

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