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This article was published March 23, 2015 at 12:55.
The last change is the March 23, 2015 at 13:52.
Pirelli & amp; C is the title of the day on the stock. The shares in the morning were up 3% to EUR 15.7, exceeding the price tender offer (Tender Offer) and the agreement announced in the night (and which should be finalized in a few months) with an official statement, the Chinese ChemChina to take control of the company at a price per share of 15 euro.
Even the actions of the group savings tire of Business Plaza, which will be launched on the same offer to 15 Euros, exceed the price of Opa. Mark 15.9 from 15.2 on Friday (+ 4.4%). It should be recognized, however, that the current price of the Stock Exchange also incorporates a dividend (0.32 last year and 0.39 on the ordinary savings) that will be removed before the takeover: consequently, reasons an operator, is as if the offer was launched at 15.32 and 15.39 on the ordinary savings.
In detail, it is an operation to 7.4 billion euro. China National Tire & amp; Rubber, and its parent company ChemChina, have described the agreement with Camfin (Tronchetti Provera, Unicredit, Intesa Sanpaolo and Rosneft), currently holds 26.2% of Pirelli, for the sale of such shares at the price 15 euro per share to BidCo. The latter will be controlled by the Chinese group and owned by Camfin that will reinvest part of the proceeds of the sale of its holding current. Bidco will launch the tender offer on 74% of the ordinary share capital Pirelli to 15 euro per share (15.23 euro reference price last Friday): a premium of approximately 28% compared to the average price of the ordinary shares of Pirelli in last 6 months and 18% over the last 3 months. At the same time will launch a public offer to the total of savings bonds to 15 euro (15.2 euo reference to Friday) subject to the achievement of not less than the savings capital (39% premium on average the last six months, 29% over the last 3 months). The offer is aimed at delisting.
The reaction of investors (which as seen are buying the title over the offer price), however, suggests that the game is not yet closed. Because the market seems to be betting on the assumption of new offerings. Although not all analysts feel the same way. According to Kepler Cheuvreux the chance of an alternative offer is limited while Friday Exane believed unlikely an interest in Pirelli by European competitors because of the overlap in the business.
Analysts at Mediobanca Securities glimpsed instead “risks of counter-opa” on Pirelli. The broker deals especially to analyze the potential for Pirelli’s a spin-off of the division produces tires for commercial vehicles with its integration with the Chinese Aeolus, a subsidiary of the new shareholder China National Tire & amp; Rubber. According to analysts, “the entry of a Chinese operator in Europe could be seen as dangerous by some player and then printing is also talk of potential counter-offers.” At the same time the alliance on the segment “industrial” promises “little synergy”: “Aeolus is small outside of China and the segments covering are different than the typical premium market Pirelli – reads the note to clients – The fact that the headquarters remains in Italy confirms our feeling. Are reachable synergies in revenues on the distribution side in some specific countries (Asia). ” For Mediobanca Securities however the spin-off of this division would add a 5% upside potential for the title, so the tender offer price to 15 euro could be a support base for the title: the target set by the broker on Pirelli is raised from EUR 14.5 to 16.
Meanwhile, Gian Maria Gros-Pietro, chairman of the Management Board of Intesa Sanpaolo, said this morning that the agreement with Pirelli ChemChina “is not the best, but where we find him in Italy someone who wants to contend this acquisition to the Chinese? “.
jab also by Romano Prodi, former President of IRI. “One of the few large companies has changed master. Today the industrial policy do in Beijing. I say this paradox, and we are also happy because they did not come even before the Chinese. ”
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