Italy's De Agostini says Generali investment is financial UPDATE |
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Wed, 10 Jan 2007 13:10
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(Updating with further Pellicioli comments)MILAN (AFX) - Italy's De Agostini SpA's recently acquired 2 pct stake in Assicurazioni Generali SpA was bought for financial and not strategic reasons, said De Agostini's chief executive Lorenzo Pellicioli.'The investment is medium term, about three years,' he said.In further comments, Pellicioli said he did not exclude increasing the stake in Generali, but added the group 'would wait and see what happens'.He said the present Generali management had done a 'good job'.The mandates of Generali's chairman, the two CEOs and the board come up for renewal at the shareholder meeting at the end of April.In further comments on the AGM, Pellicioli said Generali's 'corporate governance must be transparent and modern'.nigel.tutt@afxnews.comnt/sj/harCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Italy's De Agostini says Generali investment is financial, not strategic 