On September XNUMX, Pirelli presented the application for admission to listing to Borsa Italiana. The placement will be accomplished through a public offering of shares in Italy and an institutional placement. The company filed the prospectus with Consob for approval.
“As of the date of this press release – writes the group – it is estimated that the Sale Offer, including the Greenshoe option, may concern up to 40% of the share capital of Pirelli”.
The shares involved in the offer will be put up for sale by Marco Polo International Italy, which currently holds 100% of Pirelli's share capital. In turn, Marco Polo's share capital is held 65% by Fourteen Sundew (a company incorporated under Luxembourg law indirectly controlled by ChemChina), 22,40% by Camfin (a company incorporated under Italian law indirectly controlled by Marco Tronchetti Provera and owned by Unicredit and Intesa Sanpaolo) and 12,60% by Long Term Investments Luxembourg.
The total number of shares subject to the Sale Offer, in addition to other relevant conditions of the same, will be determined close to the launch of the Sale Offer, in the context of which the granting of a Greenshoe option is also envisaged.
The company is expected to undertake lock-up commitments, in line with market practice for this type of transaction, for a period of 180 days starting from the start date of trading. Marco Polo, as selling shareholder, will undertake lock-up commitments, in line with market practice for this type of transaction, for a period of 180 days with respect to the shares held indirectly by LTI and 365 days for the remaining shares held indirectly by SPV Lux and by Camfin, effective from the start date of trading.
Following the listing and starting from the approval of the financial statements as at 31 December 2018, a dividend policy is envisaged which contemplates the distribution of 40% of the consolidated net result over the period of the 2017-2020 Plan.
