5 Jan 2026
Stakes of major shareholders Sinochem and Camfin diluted as free float rises above 40%
Milan, Italy – Major Pirelli shareholders saw their stakes diluted late last year after bondholders converted a large portion of the company’s equity-linked debt.
The changes followed the issuance of 84.9 million new shares resulting from the conversion of its €500m equity-linked bonds due 2025, the tire maker said in a 23 Dec 2025 filing.
Shareholder agreements, it noted, were updated to reflect the "dilutive effects" after bondholders exercised their conversion rights between 9-17 Dec, as well as earlier share purchases made by Camfin in May and June 2025.
The conversion relates to the €500m senior unsecured guaranteed equity-linked bonds due 2025, which were approved by Pirelli’s board in December 2020.
With the conversion, 99.3% of the bond’s nominal value, equivalent to €496.5 million, was exchanged for equity, leading to the issuance of 84,881,933 new ordinary shares.
Consequently, Marco Polo International Italy – the vehicle through which CNRC/Sinochem holds its stake in Pirelli – now owns 370.15 million shares, representing 34.12% of the company’s share capital.
This compares with around 37% held by Marco Polo International Italy prior to the conversion.
Camfin, the investment vehicle controlled by Marco Tronchetti Provera & C. (MTP), holds 158.56 million shares, equal to 14.62%.
Additional MTP-controlled entities hold a further 115.56 million shares, bringing the total MTP-linked stake to 25.3%, down from 26.4% previously.
Free float ownership by public investors rose to 40.6% following the bond conversion.
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
Already a subscriber? Log in here
