Milan, Italy – Pirelli shareholder Camfin is looking to raise its stake in the Italian tire maker, which has seen its share-price fall by more than 30% over the last three months.
Camfin board of directors authorised, on 20 March, the acquisition of shares up to a maximum of 1.5% of Pirelli’s share capital, by the end of July.
Pirelli’s shares hit an all-time low of €3.50 on 9 March in Milan as global stock markets grappled with the outbreak of Covid-19.
Expressing “full confidence” in the management, Camfin said Pirelli’s present share value reflected global market trends and not the tire maker’s fundamentals.
As of January, major capital shareholders in Pirelli include: ChemChina-controlled Marco Polo (45.52%); Camfin/Marco Tronchetti Provera (10.05%); and Long-Term Investments Luxembourg SA (6.24%).
The remaining 38.19% of the shares are free-floating.
On 24 March, Pirelli shares stood at €3.67, down 29.4% compared to €5.20 registered 23 December 2019.