60 years after its entry, Pirelli begins the procedures to exit the capital of Mediobanca. This was announced by the tire company itself, explaining that it had initiated the sale through an accelerated placement procedure reserved for qualified investors in Italy and institutional investors abroad.
The transaction, in which Bnp Paribas acts as bookrunner, provides for an offer of up to 15.753.367 ordinary shares, corresponding to approximately1,78% of Mediobanca's share capital with voting rights and representative the entire participation currently held directly by Pirelli in Mediobanca.
Mediobanca shares closed yesterday's session at 9,8 €: at these values the Pirelli package is therefore worth approx 150 million. In September the group had not renewed the syndicate pact expiring in December 2017.
On September 12, 2017, Pirelli exercised its right to cancel the Mediobanca Agreement, pursuant to the agreement itself, with effect from the next expiry date (December 31, 2017) and for the entire investment owned by it and bound by the Mediobanca Agreement.
“Therefore, starting from 1 January 2018 – reads the registration document of the recent Pirelli IPO – all Mediobanca shares held by the issuer will be freely available”.
The historical cost of the investment was indicated at 90,2 million euros before the various adjustments recognized in equity which had brought the fair value to 122 million euros (corresponding to the stock market price at 31 December 2016) in the last approved financial statements, that relating to the 2016 financial year
Pirelli entered Mediobanca in 1958 as a private Italian investor in the first shareholders' agreement which bound 55% of the capital and which saw the presence of the three BINs (Comit, Credito Italiano, Banco di Roma) and four foreign banks (Lazard; Lehman Brothers ; Berliner Handels Gesellschaft, Sofina).
The farewell after 60 years to Piazzetta Cuccia, where Marco Tronchetti Provera was a director from 1996 to 2017 and vice president from 2008 to 2017, is however not total: Pirelli still remains present in Fin.Priv, which has bound Mediobanca to the pact '1,63%, with about 14%, ie with a 0,2% in transparency.
