MILAN – The fate of Pirelli is decided at this time. The board of directors remain open while technicians and consultants are working to fine-tune every single detail of the agreement that will allow the entry of Chinachem into a newco with partners Italian and Russian.
And unions raise their barricades asking government intervention. “Avoid that Italy will become a discount,” “Impressive silence of the government,” “Capitalism Italian unable to withstand competition and government devoid of industrial policies.” These are the first reactions of the Secretaries General of the UIL, CISL and CGIL, Carmelo Barbagallo, Annamaria Furlan and Susanna Camusso, in front of the acquisition.
“The sale of a valuable piece of our industrial system, which is Pirelli, to foreign capital would not be in itself a tragedy if the Italian capitalism was able to withstand the challenges of international competition and the government had an industrial policy capable of addressing and protect the productive energies that well exist in Italy »lash participate in the general secretary of the CGIL.
Changing the control! You then have to launch a tender offer for all the shares of the fifth largest producer of tires . Yesterday have ruled the boards of New Investments that refers to Marco Tronchetti Provera and Unicredit, which control respectively 76% and 12% of Coinv with Intesa Sanpaolo (12%), whose involvement in this first phase is not expected to resolution of the Board. Now lacks the opinion of the Russian Rosneft, which means Nefgarant, is the owner of the other half of Camfin.
The goal is to find a definitive agreement by tomorrow, as previously announced by the same Marco Tronchetti Provera. The transaction involves the creation of a new company owned by ChemChina to 50% plus one, and by the current shareholders of Camfin, who will subscribe their share. The new company will acquire the stake in Pirelli to 15 euro per share (nearly 1.9 billion euro, ed) and will launch the tender offer on 100% of Bicocca, always at 15 euro, for the equivalent of 7.13 billion, not counting savings shares (12.25 million, equal to 2.51% of capital).
If the offer were to have complete success in the share portfolio to the Chinese would rise to 64 percent. For the complete success of the operation should join the other major shareholders, who today control the total 22.59% of Bicocca, for a total value of 1.61 billion euro, calculating the offer price. In detail these are the funds Fil Limited and Harbor International, respectively with 2 and 5.06%, Edizione (Benetton family) with 4.6%, of Malacalza (6.98%) and Mediobanca (3, 95%).
The ultimate goal is to proceed delistare Pirelli quickly to even the corporate reorganization of the group. The drawing below shows the Bicocca splitting into two companies of Pirelli Tyre (the retail) and Pirelli Truck (tires for commercial vehicles). It will be combined with Aeolus Tyre, to create the world’s fourth largest covers for heavy vehicles. If the market were to join the OPA would mean only that the company, although now illiquid, should be listed and will go towards the corporate restructuring but also with times longer mandatory.
Among the members no comes out, but the Benetton had tied in November 2013, the 3% of Pirelli to a loan ‘equity-linked’ from 200 million euro maturing November 29, 2016, setting a conversion price of the bonds at 13.85 euro. The current price, at least for them, it could be a good incentive to join the takeover bid, and thereby realize the project completely exit from Bicocca. And no confirmation is then the possibility of a counter offer from a consortium of competitors.
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