The result of negotiations conducted there seems briskly through Thursday in the greatest discretion, an agreement of “ long-term industrial partnership ” was reached between the Italian holding company Camfin, main shareholder Pirelli, and society NRC, controlled by the Chinese group ChemChina, according to a press Camfin.
It provides, as anticipated by the daily Corriere della Sera there a few days, the transformation from 26.2% held by Camfin Pirelli in a new company, BidCo, including NRC, a subsidiary of ChemChina, will control.
The transaction will be priced at 15 euros per share Pirelli, already exceeded a threshold Friday at the Milan Stock Exchange following the speculation triggered by leaks to the press, which brought the action its highest level for 25 years.
After this first phase, to be completed by the end of summer, the Russian investment company Long Term Investments Luxembourg will enter the shareholder agreement, says Camfin, which is itself owned half by the Russian oil giant Rosneft and the rest by Nuove Partecipazioni (a company of the CEO of Pirelli Marco Tronchetti Provera).
Subsequently, the new Bidco will launch a public purchase transaction at a price of 15 euros per share on other Pirelli shares, currently listed on the Milan Stock Exchange, for a ” potential withdrawal of the scholarship “.
Currently the other main shareholders of Pirelli are direct Malacalza Investimenti (7%), the Benetton family (4.6%) and Mediobanca (4.1%).
If the success of the operation, Pirelli, which posted Friday over 7 billion euro market capitalization, is one of the largest transactions of this type between Italy and China .
In July 2014, China had already invested 2.1 billion euros in an Italian company energy infrastructure, and about twenty contracts worth more than 8 billion euros were signed during the October visit of Chinese Premier Li Keqiang.
– Concerns for Italian capitalism –
“ The partnership with a global player like ChemChina represents a great opportunity for Pirelli. The NRC’s approach to business matters and strategic vision ensures the development and stability of Pirelli , “commented Mr. Tronchetti, the current CEO of Pirelli, which should keep the position of General Manager while a new chairman will be appointed by NRC.
“ The seat and expertise Pirelli will continue in Italy ” and possible displacement also request a “ enhanced majority ,” says Camfin , raising a very sensitive issue in Italy where many voices have expressed concern over the health of the weekend and the future of Italian capitalism.
Mr. Tronchetti will also “ the power to decide when to put Pirelli on the Stock Exchange “.
In the longer term, the agreement envisages a “ reorganization of Pirelli and the sharing of its industrial division with certain strategic assets NRC “. It could be cut in half Pirelli, which would focus on high-end tires, more lucrative, while activity industrial tires would be consolidated with Chinese assets.
Born in 1872 in Milan, Pirelli began by producing bicycle tires before engaging in the emerging automotive industry, including competition, to the current Formula 1 tires
In 2014, the group recorded a turnover of € 6 billion and generated a trading profit of 838 million euros (+ 6.8%).
Pirelli is also known for its charming calendars, appeared in 1964. Made by renowned photographers of famous models often scantily clad, they are drawn to a few thousand copies and very sought after by collectors.
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