The start of the takeover bid for Camfin by Lauro Sessantuno, a vehicle participated by Marco Tronchetti Provera, Intesa Sanpaolo and Clessidra, is destined to be postponed. The reason for this is the request for more information by Consob.
According to a note from Lauro, Consob has in fact requested the transmission of further detailed information, ordering the suspension of the preliminary investigations until the completion of the information framework. “All requests – informs Lauro Sessantuno – will be promptly provided to the Authority in order to allow for a speedy conclusion of the preliminary investigation. However, this suspension will not last longer than 15 days, as per the provisions of the law".
In the first place, Consob would ask insights into pricing at the basis of the transfer of packets of Camfin and Gpi shares from Malacalza to Lauro Sessantuno and from Nuove Partecipazioni to Lauro itself. Consob itself would then like to carefully evaluate whether there was any role played by one or more subjects of the Lauro consortium in the transaction which led Malacalza to acquire almost 7% of Pirelli at 7,80 euros per share from Allianz and Fondiaria Sai ( Pirelli shareholders). Lastly, the Commission intends to understand why Massimo Moratti did not bring his Camfin shares to join the reorganization announced on 5 June last but entered into an agreement with Marco Tronchetti Provera Spa regarding his shares in the listed holding company.
Lauro presented the offer document of 25 June and therefore the 15-day deadline would have started on 10 July, now it becomes 25 July.
Around 16:30 today, Camfim recorded a +0,19% on the market while the Pirelli stock lost 1,02%.
