Cattolica chairman, MD targeted in undue influence investigation: source By Reuters

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MILAN (Reuters) – Three Cattolica Assicurazioni (MI:) executives including its chairman and managing director are under investigation for alleged undue influence over some of the insurer’s shareholder meetings, a source close to the matter said on Sunday.

On Saturday, the company said some of its representatives were being investigated by market regulator Consob, without naming them.

Tax police had searched its headquarters and taken documents, it said, denying the allegation – which touches on its planned tie-up with larger rival Generali (MI:) – and adding that it was ready to fully cooperate with authorities..

Chairman Paolo Bedoni, Managing Director Carlo Ferraresi and Board Secretary Alessandro Lai were the three representatives in question, the source said on Sunday.

None of the three were immediately available for comment.

Cattolica said on Saturday that the three shareholder meetings under investigation included one held on Friday, at which investors approved Cattolica’s conversion into a joint-stock company, paving the way for the Generali tie-up.

Resolutions approved at that meeting were “valid for all intents and purposes” and the operation with Generali “will continue as planned”, it added.

The other two meetings were held in June this year and April last year.

Ferraresi last year was granted CEO powers, when former Chief Executive Alberto Minali was forced to stand down.

The insurer said all three of the meetings under investigation had been conducted correctly.

The document search was ordered by prosecutors in the northeastern city of Verona, where Cattolica is based. Verona tax police were not immediately available for comment.

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