Pirelli is officially out of Mediobanca. 60 years after its entry, today the tire group has sold its package of 15.753.367 shares with voting rights, equal to approximately 1,78% of the share capital of Piazzetta Cuccia.
The securities represented the entire investment held directly by Pirelli in Mediobanca. The transaction was concluded through an accelerated bookbuilding procedure reserved for qualified investors in Italy and institutional investors abroad.
The total net proceeds for Pirelli deriving from the transaction amount to approximately Euros 152,8 million, considering that yesterday Mediobanca shares closed the session at 9,8 €.
The completion of the transaction will take place on 15 January 2018. The transaction was arranged with BNP Paribas as bookrunner.
On 12 September 2017 Pirelli had exercised the right of termination under the Mediobanca Agreement, pursuant to the agreement itself, with effect from the next expiry date (December 31, 2017) and for the entire investment held 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.
