Two quick, parallel moves that strengthen the Marco Tronchetti Provera's control over Pirelli. Camfin, the vehicle of the Italian Pirelli partners led by Marco Tronchetti Provera, completed two simultaneous operations and thus strengthened its stake in Bicocca, allowing the Milanese entrepreneur's Mtp Spa to reach an indirect share of 20,58%.
If we also consider the consultation agreement with Brembo, which owns 6% of Pirelli, the number of Italian members thus rises to 26% of the tire group, behind the 37% of the Chinese partner Sinochem.
Pirelli and the two operations that strengthen Italian shareholders
First of all, Mtp Spa signed up a capital increase of the Longmarch vehicle, which was headed by the Chinese Niu family, reaching control of the Luxembourg company. Thanks to this operationand Mtp came to manage 3,68% of Pirelli held by Longmarch itself. The deal, explains the Camfin note, is based on the twenty-year partnership between Tronchetti Provera and the Chinese entrepreneur Mr. Niu and is consistent with the provisions of the agreements signed in 2020 between Camfin and Longmarch, which provided for Longmarch's commitment to negotiate an agreement regarding the contribution of 3,68% of Pirelli to the Camfin group.
Secondly, Camfin Alternative Assets, a subsidiary of Camfin, has purchased 2,8% of the capital of Pirelli by a primary operator: the operation was financed through a capital increase of Camfin Alternative Assets subscribed for 17,3 million by Camfin and for 107,8 million by Longmarch. Following the transaction, Camfin Alternative Assets will be 51% controlled by Camfin and 49% owned by Longmarch.
Following the two operations and considering that 14% of Pirelli's capital was already in the hands of Camfin, the company's overall share reaches approximately 20,58% of the Bicocca group, "thus strengthening the role of Camfin and MTP SpA as stable shareholders and reaffirming the trust and commitment in supporting Pirelli's industrial projects", reads the Camfin note.
The new agreements
As part of the overall strengthening operation, the Camfin board of directors has decided to propose to the assembly to extend from 30 June 2026 to 30 June 2030 the date from which it will be possible for shareholders request the dissolution of Camfin itself. In this context it has been established that the dissolution, where requested, can take place through the proportional attribution of the Pirelli shares held by Camfin to the A shareholders only, i.e., Mtp, Intesa Sanpaolo and Unicredit, while the remaining shareholders will be able to exercise withdrawal through liquidation cash.
Finally, the consultation agreement for voting in the Pirelli assembly remains unchanged Brembo and Next Investments relating to the 6% of Pirelli held by the Bergamo group and the May 2022 shareholders' agreement with China National Chemical Corporation on the governance of Pirelli after the government exercised the Golden power.
Therefore, also considering Brembo's vote, the weight of Mtp Spa-Camfin in the Pirelli assembly is equal to 26,6% approximately of the capital compared to 37% in the hands of Sinochem.
