The Pirelli tires are traveling to China – The Republic

MILAN – Last hours of work on the Milan-Moscow-Beijing to define the reorganization of Pirelli. Between Sunday evening and Monday morning, before reopening the Milan Stock at nine, should be made official the new chain of control of the Tyre. The conditional is still a must, because the operation is very complex, but is not expected to go beyond the day on Monday. By the resumption of trade, therefore you will have the entry of China National Chemical Corporation.

After that, it will result in the delisting of the Pirelli, which could then go back to being listed, but the private part that deals with industrial tires that would be merged into a new joint enterprise with Aeolus of ChemChina.

The first step of the program involves the sale of 26% of Pirelli today in the hands of Camfin (he is controlled by the same Italian consortium commissioning row by Tronchetti provera, with Intesa and Unicredit, and the Russian Rosneft) to a new company. This will pay 1.90000000000 to Camfin for the shares; members will reinvest 665 million in the same new company, where instead of the Chinese ChemChina put 1.235 billion. The balance of power in the new box should then be about 2 to 1 in favor of the Chinese.

At that point, more than 15 euro per share, it will launch the tender offer for delistare Pirelli. For this to happen automatically serve the 95% acceptance, but there are those who can claim the veto is the entrepreneur Ligurian Vittorio Malacalza, that with 7% of shares (in direct ownership after the stormy cioglimento agreements with Tronchetti Provera ), which could not join. The road to the new company of Chinese, Italians and Russians would then rake at least 67% of the capital, and then proceed with a merger of Pirelli in the new company not listed and get done the delisting. In the end, the agreement would allow the members of Italian and Russian to climb up to 49%, while keeping the Chinese at 51%.

Just pacts between new members are working hard in the last hours of this complex operation. According to the latest rumors, the agreements would be based on three essential conditions to defend the Italian group: research and technology and the seat, both fiscal and legal, will remain in Italy, with Tronchetti Provera who will remain in charge until 2021.

Arguments:

pirelli

ChemChina

tires

Starring: