The operation would consist of the purchase of a package of Pirelli shares by Camfin and an agreement between Mtp, Camfin’s parent company, and the Chinese partner Mr Niù for the control of another package of Pirelli shares
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The strengthening of would be in the pipeline Faith in Pirelli . According to rumors collected by Il Sole 24 Ore, the purchase of a round package of Bicocca securities which would bring the holding company to Marco Tronchetti Provera from the current 14% to 20% of the tire group. A threshold which, also considering the three-year pact signed with Brembo on 6% of Pirelli, brings the Italian shareholders’ block to 26% of the capital.
The move to strengthen the Italian presence in the shareholding should take place through a two-level operation. The first involves only Camfin, which through its subsidiary Camfin Alternative Assets should partially exercise the authorization to purchase own shares up to a maximum of 5% as authorized by the board of directors last September. The package would be around 3% or so, we learn.
The second floor involves Mtp spa , parent company of Camfin. In particular, Marco Tronchetti Provera’s holding company and the Chinese partner Mr Niù, which owns Longmarch, the vehicle that owns 3.68% of Pirelli, have reached an agreement that would hand over control and management of that package to Tronchetti Provera. of Pirelli shares.
The MTP will therefore find itself managing the voting rights relating to that 3.68% package. In total, therefore, it makes up just over 6%, with the result that MTP alone and through Camfin will have indirect control of around 20% of Pirelli until 2030. After that date, in the event of dissolution of the vehicles involved in the operation, Tronchetti Provera will be able to liquidate the non-banking shareholders in cash, while the Intesa and Unicredit banks will be liquidated with Pirelli shares pro rata equal to approximately 2% of the overall 20%.
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2024-01-08 16:30:00
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