The lawyers, investment banks and advisors of Marco Tronchetti Provera and those of the private equity funds of Andrea Bonomi (Investindustrial) and Claudio Sposito (Clessidra) will be negotiating throughout the weekend to reach an agreement that will simplify the chain of control of Pirelli, resolve the conflict between its two main shareholders (Tronchetti and Malacalza) and provide for the entry of the two funds into the group.
The situation is still fluid and it is difficult to predict developments in the next few hours. The scheme under discussion is that of an initial entry of the two funds into Mtp Sapa, which is the company that controls the entire group chain upstream: Investindustrial and Clessidra, which were called by Mediobanca, should contribute between 40 and 60 million with the idea of obtaining a suitable capital gain over the years linked to the industrial and financial performance of Pirelli. The capital injection should be sufficient to subscribe to the increase in Gpi, the box that is at the level of control immediately below and which could later merge with Camfin through a takeover bid.
It remains to be seen whether or not the holding company that will take the place of Sapa is destined to merge into the new post-merger Camfin with Gpi. But it is probable that the company that will hold the keys to control of Pirelli will be armored by a new syndicate agreement made up of Tronchetti, the two funds, Massimo Moratti and Carlo Acutis.
Naturally, the judgment of the Malacalzas hangs over everything and they will have to decide whether to leave the group with a good capital gain or to give battle. Another unknown is that of the governance of the group and yet another that of the response that the two funds will give to Tronchetti who would like a 70 million stock option to free the entire group from corporate chains and the many boxes that characterize it.
