Pirelli is close to say farewell to Piazza Affari after more than a century of permanence on the Milanese list. The takeover bid launched by Marco Polo Industrial Holding, the vehicle of ChemChina and Camfin, ended with subscriptions equal to 70,6% of the securities in question.
In this way Marco Polo, who had already directly acquired about 33% of the capital, reaches about 87% of Pirelli, a share sufficient to trigger the merger between Marco Polo and Pirelli functional to the delisting of Bicocca. However, it is foreseeable that with the reopening of the terms of the offer Marco Polo will already hold a sufficient quota to withdraw the security from the list.
Following the exceeding of the threshold of 50% of the ordinary share capital by Marco Polo Industrial Holding, moreover, Pirelli reiterates that on the payment date (October 20, 2015) a "change of control" event will occur pursuant to two loans owned by Pirelli International Ltd and guaranteed by Pirelli & CSpA and Pirelli Tire SpA
Following this event, the creditors of the "US Private Placement" loans, for an amount of 150 million US dollars, and of a "Schuldschein", for a residual amount currently equal to 43 million euros, will therefore have the possibility of requesting early repayment for a maximum total nominal amount currently equal to approximately 176 million euro. Any requests for early repayment would be satisfied through credit lines already available and without the need to resort to new loans.
