The ordinary and savings shares of Camfin and Pirelli were suspended from trading on Piazza Affari "awaiting press release". This is what we read in a note released by Borsa Italiana. Market expectations point towards a final solution for Camfin's shareholding restructuring.
In the weekend it seems to have the match between Marco Tronchetti Provera and Vittorio Malacalza has been unlocked. The duelists decided to dissolve the Gpi, i.e. the box in which the control of Camfin is parked, which in turn holds 26% of Pirelli. It will be born in its place a newco in which Tronchetti will contribute his share in Camfin, 29,5%, and in which the shares of the Acuti family (8%) and Massimo Moratti (2,5%) will merge.
Tronchetti has also already secured himself on the market through option contracts. Both Intesa and Unicredit will enter the newco, as well as the private equity fund Clessidra. They will bear the financial burden of the mandatory takeover bid on Camfin. After the demerger, the Malacalza package in Camfin will rise to 25,66%, probably destined for the takeover bid. Unless the story holds other surprises, the agreement could accelerate the end of the trade union pact that governs the Bicocca industry, already scheduled for April 2014.
