Camfin, the controlling holding company of Pirelli, rises by 3,31% to 0,858 euro per share: the market is betting on Consob's increase in the price of the takeover bid. Last week, the Market Supervisory Commission requested the extension of the offer to 27 September (it was due to expire on 13 September) and initiated proceedings for a possible increase in the price of the takeover bid launched by Lauro 61, the ad hoc vehicle with which Tronchetti, Clessidra, Unicredit and Intesa are carrying out the reorganization of the group after the divorce with the Malacalza family.
Consob's decision stems from doubts about the fairness in determining the price of 0,8 euro which Lauro 61 declared he paid to acquire the shares of Camfin in the hands of the Malacalza group. Consob's hypothesis, according to rumors, is that a price lower than what the parties would reasonably have attributed to the shares if there hadn't been another transaction at the same time, the purchase by the Malacalzas of a direct stake of approximately 7% in Pirelli for approximately 7,8 euros per share . In other words, according to Consob, the tender offer should be seen as part of a broader operation to get the Malacalza family, shareholder of Camfin, out of the way by exchanging Camfin shares for Pirelli shares and the purchase price of Camfin shares would have been determined in correlation with this second operation. Also according to press rumors, this conviction would have emerged from a series of "compromising" documents analyzed by the supervisory authority.
Lauro 61 announced that it has presented a complaint to the Rome prosecutor's office following the press leaks on Consob's decisions and will appeal to the Lazio Regional Administrative Court against the Commission's decision. On the one hand, there are those who point out that it is the first time that Consob has authorized a takeover bid and then changed the price, on the other hand, the price should be adjusted upwards and if the TAR agrees with Lauro 61, a scenario difficult to read.
Consob will decide on any increase in the price with a reasoned decision within the new terms for closing the offer. On the day of the announcement of the start of the proceeding, the stock jumped by more than 8% to 0,869 euro, recording strong trading in the following sessions on Thursday and Friday. Market and analyst eyes are on the extent of the price increase. The prices indicated by analysts and brokers range from a range of 0,88-0,93 euros up to 0,97-0,98.
