Pirelli, Brembo sells and Camfin strengthens
After the Bergamasque group's exit with the sale of 5.58%, the Tronchetti Provera galaxy returns to buying: it takes over 2.5% and strengthens the Italian block
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On the day of Brembo's exit from the scene, with the sale of the 5.58% stake it held in Pirelli & C (and the consequent dissolution of the shareholders' pact that effectively allowed the block of Italian shareholders, with Camfin in the lead, to control a 28.8% share of the capital when voting), the Tronchetti Provera galaxy reacts. The Marco Tronchetti Provera (MTp), Camfin and Camfin alternative assets announced the completion of Caa's purchase of 2.5% of Pirelli's capital. "The boards of directors of the companies," reads a note, "have approved the authorisation for purchases to further strengthen Mtp/Camfin up to a maximum total stake of 29.9% of Pirelli's capital over the next 24 months. Following these transactions, the chain of control headed by Mtp holds a total stake of approximately 25.28% in Pirelli, "thus reinforcing the role of Camfin and Mtp as stable shareholders and reaffirming their confidence and commitment to supporting Pirelli's industrial projects".
After the exit of the Silk Road fund from the Pirelli shareholding structure, which earned the Chinese shareholder around EUR 520 million for 9% of the capital, the repositioning that took place and the strengthening of the holding company headed by Marco Tronchetti Provera brought the Italian block to 28.8% of the capital. This package was a counterbalance to Sinochem, the largest shareholder with 37%. The internal reorganisation had also increased the strategic value of that 6% of Brembo (the 5.58% held by the company, plus a residual share held by Alberto Bombassei's holding company), the needle of the balance between the Chinese and Italian counterparts. A strategic value that risked being lost with the Bergamo-based group's decision to abandon ship: Brembo, as is well known, announced the completion of the accelerated bookbuilding procedure, selling 55,800,000 ordinary Pirelli shares, corresponding to about 5.58%, to institutional investors at a price of 5.07 per share, for a consideration of 282.9 million. The stock on the Stock Exchange lost about 3.5%, to EUR 5.15.
