Camfin shareholders extend pact, reaffirm long-term commitment to Pirelli

Milan, Italy — Shareholders in Camfin, the second-largest investor in Pirelli, have moved to extend their long-term commitment to the tire maker, proposing to delay the potential dissolution of key holding structures by five years to 30 June 2035.

The decision, approved by the boards of Camfin, Camfin Alternative Assets (CAA) and Longmarch, will be submitted to shareholder meetings and is intended to “give further continuity” to their role as “stable and long-term shareholders of Pirelli.”

In a 12 March statement, the Camfin companies said the extension from the previous deadline reflected continued “confidence and commitment in supporting the company’s [Pirelli’s] industrial projects.”

The decision is also consistent with the previously announced plans of MTP/Camfin to increase its stake in Pirelli to up to 29.9% from the current 25.5%, the statement said.

A key holding vehicle for Pirelli’s Italian shareholders, Camfin includes investors such as Intesa Sanpaolo, UniCredit, Longmarch and members of the Pirelli, Rovati and Moratti families, according to the statement.

The move comes against the backdrop of ongoing governance tensions at Pirelli, after Camfin earlier this year declined to renew its shareholder agreement with China’s Sinochem, citing the need to adapt governance to US regulations on “connected vehicles.” (ERJ report)