(Bloomberg) -- Mediobanca SpA strengthened its grip on Assicurazioni Generali SpA by boosting its holding in the Italian insurer to above 17%, a move that comes just days before a board meeting kicking off the process to determine the future of embattled Chief Executive Officer Philippe Donnet. 

The Italian bank, already Generali’s largest single shareholder, raised its holding from about 13% via a stock lending mechanism, according to a statement by Mediobanca. 

Mediobanca wants to strengthen its position as a battle intensifies with an influential pair of Italian billionaires pushing for change at the insurer. Construction magnate Francesco Gaetano Caltagirone and Leonardo Del Vecchio, the founder of eye-wear company Luxottica, have long complained about both the investment bank’s control and Generali’s management. 

Mediobanca acted to protect its investment in Generali and the significant contribution it brings to its results, Ansa reported citing sources closes to Mediobanca’s management.

Earlier this month, the two billionaires announced a pact that gives them joint control of about 11% of Generali. Besides management change, the duo is also trying to loosen the influence of Mediobanca, and their quest has been aided by the Fondazione Cassa di Risparmio di Torino, which joined the pact by pledging a 1.2% stake on Sept. 18 to their holding.

By contrast, a majority of Generali’s board members last week backed Donnet’s candidacy for a third term. The insurer’s board meets on Monday to discuss a list of directors that will be put before a shareholder vote next year. The two Italian tycoons may present an alternative list that excludes Donnet, people familiar with their plans said earlier this month.

Complicating Mediobanca’s position is the fact that Del Vecchio holds a stake of as much as 20% in the lender. He’s criticized Mediobanca’s management for being too passive in seeking growth opportunities and for being overly dependent on Generali’s profit. 

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