Lunedì, 22 Ottobre 2018
MILAN

Pirelli's Tronchetti takes control of rival tire maker

English
© ANSA

Milan, June 5 - A group led by Pirelli Chairman
Marco Tronchetti Provera announced Wednesday that it has the
financial backing to take control of rival tire maker Camfin.
The deal, announced in a statement, ends both a
long-running dispute and tense partnership between Pirelli and
family-owned Malacalza Investimenti, which said it would sell
its 12.37% stake in Cam Finanziaria SpA - better known as
Camfin.
Camfin is Europe's third-largest tire maker.
Tronchetti will retain control of Pirelli as well as remain
chairman, according to a joint company statement.
Eventually, the statement said, Pirelli and Camfin will be
merged.
He pulled off the deal after winning financial support from
Intesa Sanpaolo, UniCredit, and private-equity fund Clessidra to
purchase the Malacalza stake.
According to the statement, Clessidra will invest as much
as 150 million euros while UniCredit and Intesa are expected to
invest a maximum of 115 million euros each.
Minimum investments were set at 91 million euros and 41
million euros, respectively.
Tronchetti made the deal, after much wrangling, through a
new holding company named Lauro Sessantuno which is now on the
hunt for all outstanding Camfin stock.
Estimated value of the entire Camfin stock is just under
630 million euros.
Wednesday's deal sent trading in Camfin shares into turmoil
on the Milan Stock Exchange and for a brief period Wednesday
morning, and it was suspended.
When trading resumed, share prices dropped by about 8% to
79 euro cents.
The new Lauro Sessantuno holding company will own 60.99% of
Camfin, including Tronchetti's shares, and said it will offer 80
euro cents for outstanding stock in Camfin.
As part of the deal, Malacalza agreed to end legal
challenges over Tronchetti's holdings, according to the
statement.

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