Pirelli, stronger Italian shareholders: Camfin buys 2.2% | EUROtoday

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Italian shareholders strengthen their grip on Pirelli. After the shock transfer with which the Chinese of Silk Road, the fund that has supported ChemChina from the start (37%) within the funding in Pirelli, exited the Bicocca shareholding, Camfin has accomplished the acquisition of two .2% of the capital of Pirelli & CSpA «to finish – in line with a observe – what was licensed by the decision of the Camfin board of administrators communicated to the market on 19 September 2023». This decision had licensed the acquisition of Pirelli shares as much as a most of 5% of Pirelli's capital and, pursuant to it, in January 2024, Camfin had bought 2.8% of Pirelli's share capital.

Following these operations, the management chain headed by MTP SpA holds a complete share of roughly 22.78% of Pirelli, «thus strengthening the function of Camfin and MTP SpA as secure shareholders and reaffirming the belief and dedication to supporting Pirelli's industrial tasks.”

With the surprise sale of the Pirelli share by Silk Road, the Chinese component effectively loses control over the tire group. At last Tuesday's meeting, according to data released by the company, approximately 88% of the capital was present. If 9% is removed from this quota, the majority expressed yesterday by the control bloc is no longer enough. To have the effective majority, i.e. 50% plus one of the shares, of that 79% of the remaining capital, approximately 39.5% of the capital would be needed. A share, therefore, lower than the 37% currently held by ChemChina. But going back even further, the percentage of turnout at the meetings of the Bicocca group has always been in the order of 80% in recent years, in any case a level too high to guarantee ChemChina with its 37% the role of shareholder of control of the company.

As regards the nationwide element, if we additionally take into account the session settlement with Brembo, which owns 6% of Pirelli, the variety of Italian shareholders thus rises to twenty-eight.2% of the tire group. A spherical package deal, subsequently, which counterbalances that 37% of the capital within the palms of the Chinese accomplice Sinochem which stays orphaned of the axis with Silkroad.