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Italian investment bank Mediobanca is preparing an attempt to oust Giovanni Perissinotto, the chief executive of Italian insurer Generali, according to two people familiar with the situation.
Mediobanca, which owns 13.5 per cent of Generali, will make its bid at a board meeting as early as Saturday, according to one of Generali’s largest international shareholders.
Mr Perissinotto is known to have a strained relationship with Alberto Nagel, chief executive of Mediobanca. Mr Perissinotto has resisted attempts by Mediobanca to assert influence on the insurer.
Mr Nagel and Renato Pagliaro, Mediobanca chairman, will meet with Mr Perissinotto on Wednesday to tell him of their intention, according to the two people.
The two Mediobanca executives will use the recent poor performance of Generali’s shares as the stated reason for wanting to oust Mr Perissinotto.
While it is not certain Mediobanca will be able to muster enough votes at the board meeting to oust Mr Perissinotto, it is thought unlikely Mr Nagel would have moved without having assured that he had enough votes.
Generali said that there was no board meeting on the agenda.