The Italian front led by Marco Tronchetti Provera strengthens its position in Pirelli e reaches 29,9% of the capital. To move is Camfin Alternative Assets (Caa), one of the vehicles through which Italian shareholders hold the relative majority stake in the tyre group, which acquired 3,34% of Pirelli from "a leading banking institution."
The operation thus brings Mtp spa, Camfin, Camfin Alternative Assets and Longmarch Holding, the four vehicles that make up the Italian front, to the threshold of 29,9%, one step away from the limit that triggers theobligation to make a public purchase offer.
Meanwhile, at Piazza Affari, the title It picked up steam at the start of the session, rising more than 1% to a high of 6,655 euros. At 10:44 a.m., it then slowed to 6,60 euros, still up 0,38%.
Pirelli, the Italian front strengthens its position. How the shareholder structure is changing
The takeover had been prepared for some time: the boards of directors of the four vehicles had approved the operation about two years ago, with a 24-month mandate for increase participation at Pirelli.
The purchase was made by CAA, a company owned 51% by Camfin and 49% by Longmarch Holding. Longmarch Holding is the vehicle shared between MTP SpA, controlled by the Tronchetti Provera family with a 51% stake, and the Niu family, a longtime Chinese partner of Pirelli's executive chairman. Camfin, on the other hand, brings together MTP SpA, Intesa Sanpaolo, Unicredit, Massimo Moratti, Finanziaria Alberto Pirelli, Fidim, owned by the Rovati family, and Longmarch Holding itself.
Part of the resources for the operation had been set aside in the past few months by the same partners, through a double capital increase for a total of €158,75 million. The first tranche, worth €61,5 million, was subscribed at the end of June; the remaining €96,25 million will be subscribed by June 2027.
The strengthening of the Italian team is part of the shareholder reorganization following the prescriptions of the Golden Power su sinochemMTP SpA declared that it controlled Pirelli, and the group's board of directors instructed the Control, Risk and Corporate Governance Committee to initiate discussions with the parent company to define the structure of the relationships arising from the control situation, also evaluating the possible definition of a group regulation. Meanwhile, Chinese investors dropped from 34% to 20% after the sale of 14% to Lumina Crown, a vehicle linked to Czech billionaire Michal Strnad, for approximately one billion euros. The transaction, concluded at the end of July, brought Bunting to become Pirelli's third largest shareholder.
Pirelli's $1 billion plan in the US
The new shareholding structure comes as Pirelli also strengthens its industrial presence in the United StatesThe board of directors approved by majority a multi-year plan of approximately 1 billion euros to expand the plant Rome.in GeorgiaThe investment, which will start in 2027, will bring the production capacity of the site to approximately 6 million car tyres per year by 2033, including the technology Cyber Tire, and plans to create approximately 1.000 new jobs. The project aims to support growth in the High Value segment in the US, the world's largest market for this category, accounting for approximately 40% of global volumes. The expansion will also strengthen the company's local-for-local strategy and supply chain resilience.
The plant will be expanded in two phases: the first involves the development of robotic production based on the evolution of the MIRS system, with a fully operational capacity of approximately 3 million tires; the second involves a fully automated traditional plant, intended for premium products, for an additional 3 million units.
Among the technologies produced in Georgia there will also be the Cyber Tyre. Pirelli has obtained from Bureau of Industry and Security authorization to market the system in the United States, following the governance changes introduced with the Golden Power Prime Ministerial Decree of 2026.
The plan will not impact on target 2026 and, according to Pirelli, the ratio between capex and revenues in the 2027-2033 period will remain substantially in line with previous years, preserving the group's cash generation.
The new organizational structure
In the same meeting the board of directors also approved a new organizational structure, with the overcoming of the Corporate General Management. The proposal was therefore approved. resolution of the relationship working with the Corporate General Manager Francesco Tanzi, who will remain in charge until December 31, 2026 to ensure the transition.
Tanzi will receive a severance package equivalent to approximately 13 months' salary. He will also be bound by a non-compete agreement for the following two years, remunerated with a compensation equal to 130% of his gross annual salary.
After the termination of his employment, Tanzi will remain with Pirelli under a two-year consulting contract worth €350 gross annually, plus approximately €45 gross in non-monetary benefits. The company also clarifies that the manager does not hold any Pirelli shares.
