The clash for Camfin is getting more and more fierce and at this point a referee will have to take the field. There Malacalza Investments yesterday he sent a fiery communication to the industrial participation group (the holding that controls 42,65% of Camfin) and to its main shareholder (Marco Tronchetti Provera & C Sapa, which holds 54,9%, ahead of the Malacalzas, who have 30,94% in their pocket).
The text, "in addition to contesting the non-compliance with existing shareholders' agreements", calls for "a compendium of Gpi assets" proportional to its stake, including a stake of around 13% in Camfin. The Malacalza family, with 12,37% of the capital, is already the second shareholder of Camfin, which in turn is the majority shareholder of Pirelli & C. with a stake of 25,62%
Now, essentially, the Malacalzas demand the demerger of Gpi and ask "to proceed without delay, in execution of the framework agreement of 25 June 2010, with the transfer in their favor of a compendium of Gpi assets (assets and liabilities) proportional to the shareholding held by Malacalza Investimenti itself in Gpi”. With the possible 13% deriving from the demerger, for the game of the Chinese boxes, Malacalza would come to hold over 25% of Camfin.
But Gpi and Tronchetti Provera are not there and explained that they consider the objections raised against them "specious and unfounded relating to alleged defaults and violations of existing agreements concerning Camfin". According to Tronchetti Provera, essentially there was no illegal conduct, as confirmed by the pro veritate opinion of Professor Franco Anelli, and therefore "the conditions for the activation of the Gpi split are inexistent". MTP SapA and Gpi "therefore believe that the claims made by Malacalza Investimenti Srl will not be accepted in the appropriate arbitration seat provided for by the agreements in place with Malacalza Investimenti".
At the opening today in Piazza Affari, Camfin's title gains over two and a half points.
