The Pirelli tires become Chinese – ANSA.it

Pirelli changes face, in his shareholding is preparing to enter a giant Chinese chemical ChemChina. At the conclusion of the reorganization on Bicocca will be launched a takeover bid that values ​​of 7.15 billion euro (15 euro per share) and will say goodbye to the Stock Exchange. What will not change is the helmsman who will remain until 2021 Marco Tronchetti Provera. ” By the weekend closes. There are still some steps to take ” said the chairman of Pirelli leaving the venue of Gpi. Pirelli will be Italian? He was asked.
” As long as there will be no press can not say anything ” he replied.
The first board of directors to give the green light to the agreement with ChemChina has been to New Investments, the holding company that is owned by Marco Tronchetti Provera and that meets Industrial Investments Group, Marco Tronchetti Provera Investments, Yura International, Vittoria Assicurazioni and Fidim. According to reports have approved the transaction also Unicredit and Intesa Sanpaolo (the latter not needed steps in cda) although the mouths of all sewn remain awaiting final go-ahead which should arrive during the weekend. The stock market, however, did not wait for the launch of the offer and has already led the titles of Bicocca over the value that members of Camfin have attributed to their participation. The title, after a blaze in the morning, closed up 2.21% at 15.23 euro (value that incorporates the dividend that last year was 0.32 euro) between lively exchanges over 21.5 million units, accounting for 4.52% of the share capital. The advisors are working on technicalities, perhaps that Pirelli responds to solicitation of Consob, before the market opens, “it was not until today addressee of any formal communication about the launch of takeover bids.” ” The negotiations are ongoing ” Camfin instead responds to requests for information transparent. The stated objective of the reorganization is ” to ensure stability, autonomy and continuity in the growth over time of the Pirelli group that would maintain the headquarters in Italy ”. Specifically, the transaction would result in ” the transfer of the entire stake held by Camfin (approximately 26.2%) at a price of EUR 15 per share in an Italian company newly established subsidiary of the international industrial partners with a contextual reinvestment Camfin in that company ”. The market package already costs more than the 1.87 billion calculated on the value attributed by the same company. Once finalized the transfer, would launch a tender offer for all the shares of Pirelli that would lead to delisting.
“We are delighted to cooperate with China on all formats” is the comment of the Minister of ‘Industry and Commerce Russian Denis Manturov asked in a meeting in Milan sull’Expo agreement on waiting for the entry of ChemChina at Pirelli. (ANSA).

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