Generali - The biggest shareholder Mediobanca said on Thursday that it had borrowed shares in Italy's top insurance to secure 17.2% of voting rights, upping the ante in a shareholder tussle over the choice of the next chief executive.
With its 12.9% stake, the Italian billionaire Generali is the second-biggest shareholder with Francesco Gaetano Caltagirone and Leonardo Del Vecchio, followed by the Italian billionaires Paolo Matriello and Mediobanca.
The two tycoons have also said they will consult over decisions regarding Generali and people with knowledge of the matter have said they would support a different CEO candidate if Generali's board proposes to appoint new boss Philippe Donnet for another mandate.
The board of Generali meets next spring to discuss whether to submit a slate of nominees including Donnet, before a general meeting on Monday to nominate new directors.
Caltagirone, a construction magnate, and Del Vecchio, founder of Ray-Ban owner Luxottica, have joined a combined 12.5% stake in Generali after another investor Fondazione CRT agreed to join their pact last week.
Mediobanca said it had borrowed shares equivalent to 4.4% of Generali until at least next year's general meeting.