If anyone had been under the illusion, as was supposed, that even between Brembo and Pirelli there could be a marriage that would create a 12 billion capitalization hub, they must think again. With a surprise move, yesterday with the stock market closed Brembo he withdrew from that project by placing it on the market all of its share of the tyre group chaired by Marco Tronchetti ProveraThe brake giant controlled by the Bombassei family and led by Matteo Tiraboschi, through a procedure accelerated bookbuilding managed by BNP Paribas, sold to institutional investors 55,8 million ordinary shares held in Pirelli, corresponding to 5,58% of the share capital, at a price of 5,07 € for action with an 5,1% discount compared to yesterday's closing price for a total consideration of 282,9 million.
A Business Square the title Pirelli gives up 4,43% to 5,11 euros, against the 5,07 euros collected by the seller. On the shields Brembo, which rose by 2,77% to 9,95 euros after grossing 282,9 million.
Tronchetti Provera's countermove
Brembo exits from the capital of Pirelli, Marco Tronchetti Provera & C. (Mtp), Camfin and Camfin Alternative Assets announced today the purchase of 2,5% of the capital of Pirelli by Camfin Alternative Assets. Following this operation, the control chain headed by Mtp Spa holds a share equal to 25,28% of the company, "thus strengthening the role of Camfin and MTP Spa as stable shareholders and reaffirming their trust and commitment in supporting Pirelli's industrial projects", the press release says. The boards of directors of the companies involved have also given the green light to purchases for further strengthening up to a maximum participation of 29,9% of the tyre group's capital over the next 24 months.
A 4-year engagement
Brembo's first entry into Pirelli dates back to March 2020, with a share of approximately 2,4%, a percentage that then increased to over 5% of the capital in July 2022. In 2023, Camfin and Brembo also signed a consultation agreement. Bombassei had contributed another 0,42% of Bicocca to the agreement in the belly of the Next Investments vehicle. At the time, it was believed possible to create a mega-group in the automotive sector. Only a year ago, Brembo's owner, Alberto Bombassei, had defined the wedding with Pirelli as "a beautiful thing", while specifying that "at the moment there was nothing serious".
The role of the Golden Power exercised by the Italian government
But now the automotive sector has changed and has fallen into a deep crisis, blocking the way to any project of that kind. Furthermore, in June last year the Italian government, through the golden power, imposed some measures to protect the autonomy of Pirelli and its management and protect technologies and data of strategic importance. A provision that has severely limited the governance and management prerogatives of Pirelli's first shareholder with 37%, the Chinese sinochem.
A few months after the government's move, Sinochem lost its Chinese capital partner, the fund Silk Road, which dissolved the pact with the Beijing chemical giant and then sold, again through an accelerated procedure, its 9%. On that occasion, Ankle boots and his allies in the MTP safe took advantage of this to round up their share to 22,8%.
