1 Jul 2021
Italian investment firm, led by Marco Tronchetti Provera, to hold 14% share in Milan-based tire maker
Milan, Italy – Italian investment firm Camfin SpA is raising its stake in Pirelli & C. SpA through an agreement with Longmarch Sarl, the financial vehicle of the Chinese rubber magnate Niu Yshun.
As a result of the deal, Camfin – led by Pirelli executive vice chairman and CEO Marco Tronchetti Provera – will increase its share in the Italian tire maker from 10.1% to 14.1%.
As part of the agreement, which is expected to be completed in the first half of October, Longmarch will take a 7.68% stake in Pirelli through an existing “repurchase agreement,” Camfin announced 30 June.
The company will then hand a 4% holding to Camfin while retaining the remaining 3.68%.
Furthermore, the agreement provides that Camfin will carry out a reserved capital increase, as a result of which Longmarch will hold a 34.9% stake in Camfin.
Camfin said it also held a 4.6% potential stake in Pirelli through “call spread” financial instruments.
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