The Camfin-ChemChina deal will close on August 11th. The operation involves the purchase of the stake held by Camfin in Pirelli by the Chinese and the simultaneous reinvestment of Camfin in the newco (Bidco) which will launch the takeover bid on Pirelli.
The closing date was disclosed in a joint press release by CNRC and Camfin. The two companies explain that both the go-ahead from the Antitrust authorities and the competent authorities regarding the operation announced on March 22, as well as the Consob opinion on the question relating to the determination of the price of the mandatory Offer have been obtained.
Next Tuesday there will be the transfer to Marco Polo Industrial Holding (Bidco), a newly established Italian company, of Camfin's direct stake in Pirelli, and the simultaneous reinvestment of Camfin in Marco Polo International Italy (Newco), a company that controls Bidco through Marco Polo International Holding Italy (Holdco).
The remaining conditions of the transaction are expected to occur on the closing date, including the disbursement of the loan by the syndicate of banks organized by JP Morgan. As soon as the purchase is completed, Bidco will launch the planned takeover bid on the Pirelli float.
