(Adds details on analysis Mediobanca, Camfin) Paola Arosio MILAN, March 20 (Reuters) – Camfin and its shareholders deal with the reorganization of Pirelli providing totalitarian takeover bid by more than 7 billion Euros with China National Chemical Corporation. The name of the partner is confirmed by a source familiar with the matter, and no comment is from China National Chemical Corporation and by the other players. The deal would see China National Chemical replace Rosneft, which came in July 2014, as a partner of reference among the shareholders Pirelli, allowing both to the Russian company that the other shareholders of the parent company Camfin to monetize their investment (nearly 2 billion l ‘ recessed holding). According to reports the Italian partners reinvestirebbero, probably partly in the new company, reducing part dell’ingente debt, equal to the end of 2013 380 million euro. At the end of the morning the stock market price rises of more than 5% up to a maximum of € 15.81, well above the price of a possible takeover bid of 15 euro per share, indicating market expectations of further twists. This morning Camfin has announced the existence of negotiations with “an international industrial partner” which should lead to the transfer of 26.1% held by Camfin in Pirelli to 15 euro per share in a company? Italian newly established subsidiary of the foreign partner with a simultaneous reinvestment of Camfin. This should then lead to totalitarian takeover of Pirelli. In addition to Rosneft, which has 50%, the other shareholders are Camfin New Investments (Tronchetti Provera and others), Intesa Sanpaolo, Unicredit, through a complex network of companies. “We think that the current shareholders (with the probable exception of Rosneft) will hold their shares in the company virtually steady even if Camfin sells his shares in Pirelli”, analysts said Banca Akros notes in the morning today. More …
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