Reached the agreement for the renewal of the shareholders' agreement on Pirelli shares until the spring of 2023. The agreement was signed between ChemChina, China National Tire & Rubber Corporation, Silk Road Fund, Camfin and MTP. The group of Chinese shareholders, led by ChemChina, and Camfin hold respectively 45,5% and 10% of the share capital: the previous agreement on the shareholders' agreement was signed on July 28, 2017, in view of the listing of Pirelli, which then took place on October 4 of that year.
The agreement, explains a note issued by Pirelli, also provides for the confirmation as stable shareholders of ChemChina and Camfin/Mtp. The latter, for the entire duration of the renewal, will maintain the share currently held in Pirelli of over 10%. And then confirmed the "central role" of the current executive vice president and CEO Marco Tronchetti Provera in the guidance of top management and in the designation of the successor with the implementation of the procedure which must be completed by October 2022, i.e. six months before the renewal of the Board.
Today is a tough day on the stock exchange for the Pirelli stock, as well as for the entire Ftse Mib list which starts the session very badly, with all the main stocks in negative territory: the tire company in mid-morning lose more than 2%, around 5,3 euros per share.
