Tomorrow will be a decisive day for the dispute between Marco Tronchetti Provera and the Malacalza family over the fate of Camfin. The stalemate could finally be overcome: the representatives of Mtp spa e Malacalza Investments will meet to define “the complete separation of the respective holdings in Gpi”. This is what we read in a note from Mtp spa and Mtp Partecipazioni, which "today invited Malacalza Investimenti srl to a meeting to be held on 23 May".
The plan should envisage a proportional demerger of Gpi between Tronchetti Provera and the Genoese family, which in exchange would obtain another stake in Camfin. The agreement would therefore trigger the reorganization of the entire corporate chain upstream of Pirelli, which should shorten.
The latest news galvanized Camfin's stock on the Stock Exchange, which gained 2,85% at the beginning of the afternoon.
The request for the separation of the shareholdings in Gpi was formally advanced by the Malacalzas last October 31st. The Genoese family had urged the then Mtp Sapa (later transformed into a Spa) to transfer to them "a compendium of Gpi assets proportional to the stake held by Malacalza Investimenti itself in Gpi".
According to the request, the compendium should have included "a share in the capital of Camfin equal to approximately 13%". At the beginning of November, the Gpi Board of Directors, controlled by Marco Tronchetti Provera, had rejected the request. After months of differences between the two partners, allies in Camfindal 2009, the invitation arrived today from Marco Tronchetti Provera's companies seems to open up to a final agreement.
To date, Mti Spa and Malacalza Investimenti hold respectively 54,9 and 30,94% of Gruppo Partecipazioni Industriali (Gpi), the holding company that controls 42,65% of Camfin, which in turn is the majority shareholder of Pirelli & C with a 25,62% stake. A further 12,1% of Camfin is controlled directly by Malacalza Investimenti.
The split of Gpi should be a decisive precondition for the subsequent reorganization of the chain, on which the market has been betting for months. The operation should foresee that the Clessidra fund, Intesa Sapaolo and Unicredit form a new company.
In accordance with the post-split GPI – in the hands only of Tronchetti Provera – the newco would launch a friendly takeover bid on Camfin, which would therefore bid farewell to the listing on Piazza Affari. The final set-up, with Camfin delisted and merged into Gpi, would see the banks and Clessidra in the majority, but with the helm still in the hands of Tronchetti Provera.
The position of the Malacalza family remains crucial for this entire operation to be possible. Tronchetti has said in recent days that, before making the reorganization, there must be a solution to the dispute with the Malacalzas. The current number one of Pirelli has asked on several occasions for the Genoese family to leave the group's shareholding structure.
Up until a few days ago, Malacalza said that his investment is long-term and that he does not intend to leave. He would be willing to leave Camfin, but in exchange he would like the possibility of converting the stakes held in the holding companies into Pirelli shares. To get to about 7% of the last link in the chain.
