(Bloomberg) -- Assicurazioni Generali SpA requested regulators to assess whether the stakes purchased by a shareholder group including construction magnate Francesco Gaetano Caltagirone and Leonardo Del Vecchio are in compliance with insurance sector rules.
Generali will ask Italian insurance regulator IVASS whether the 16.3% stake overall detained by the group was subject to a prior authorization, according to a statement released late Wednesday. It will also ask Italy's market watchdog Consob to verify that disclosure rules have been respected.
Spokespeople for Caltagirone and Del Vecchio declined to comment.
The move escalates a fight between Generali's management and the two investors ahead of the insurer's board renewal on April 29. In alliance with Luxottica founder Del Vecchio, Caltagirone is challenging the influence of investment bank Mediobanca SpA on Generali, with an eye to ousting Chief Executive Officer Philippe Donnet.
The two billionaires have been building their stakes for months. Last year they joined forces in a shareholder consultation pact, with the goal of working together toward “a more profitable and effective management” of the insurer. Fondazione Cassa di Risparmio di Torino later entered the pact.
Read More: Italian Billionaires' Challenge to Generali Hinges on Asset Unit
Caltagirone exited the pact earlier this month and said it will present his own for the board's renewal, in opposition to the one being prepared by Generali's board that will envision Donnet's confirmation.
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