Pirelli's stock continues to run on the Stock Exchange, which – after the +3,3% achieved yesterday – today at the opening gains 3,6%, to 15,44 euros, achieving the best increase of the Ftse Mib.
Further fueling the purchases is a confirmation from the holding company Camfin, which, at the request of Consob following some press leaks, communicated the start of a negotiation with an international industrial partner for an operation relating to the stake held by Camfin in Pirelli, "aimed at guaranteeing stability, autonomy and continuity in the growth path over time of the Pirelli group, which would maintain its headquarters in Italy".
The operation would result in the transfer of the entire stake held by Camfin at a price of 15 euros per share to a newly established Italian company, controlled by the international industrial partner with a simultaneous reinvestment of Camfin in this company.
The launch of a total takeover bid at 15 euros would value Pirelli 7,15 billion, substantially in line with the current Stock Exchange prices (14,9 euros at yesterday's close). The shareholders gathered in Camfin (Nuove Partecipazioni led by Marco Tronchetti Provera, Rosneft, Intesa Sanpaolo and Unicredit) confirmed the negotiations with an international partner (which should be China National Chemicals Corporation) for a reorganization which envisages the sale of the 26,2% held by Camfin in Pirelli to a newco in which the new investor would participate.
Il Camfin package would be valued almost 1,87 billion. The public offering on the market would then be launched. The latest Camfin-Pirelli reorganization – which saw the entry of Rosneft in July – took place on the basis of a tire group share price of 12 euros.
The transfer of the shareholding - adds Camfin in the note - would remain subject to the antitrust authorization and other conditions typical of this type of transaction. Once the transfer has been completed, a takeover bid would be launched on all of Pirelli's shares. At present, however, no agreement has been reached.
