The time is ripe for one new strategic turning point for Pirellito protect the Italian nature of technology and strengthen the historic shareholder, Marco Tronchetti Proverawhich aims to reach a stake very close to 30% and say goodbye to the controlling shareholder Sinochemwhich holds a 37% share. Without too much fanfare, in the last couple of days we have witnessed the latest episode of a story that dates back to a few years ago, when the entry of the Chinese into the capital of Pirelli was announced.
Brembo’s exit from the scene
Brembo announced yesterday the sale of 55.8 million Pirelli shares, equal to 5.58% of the capital of the Bicocca group, through an accelerated bookbuilding operation. The Pirelli shares were sold at a price of 5.07 euros per share, with one discount of about 5% compared to the stock market prices, for a equivalent value of 282.9 million.
The sale, according to analysts’ calculations, would have yielded a profit very modest capital gain of 73 millionin a phase in which stocks linked to the automotive sector do not shine for obvious reasons. For this reason the market has sensed that the deal could hide well other reasons than a simple realization of a financial investment, also because the sale coincided with a strengthening of Tronchetti and Camfin in the capital of the tire company.
Tronchetti and Camfin strengthen their capital
While Brembo announced its exit from the scene, Marco Tronchetti Provera, Camfin and Camfin Alternative Assets (CAA) formalized the purchase of 2.5% of Pirelli’s capital, reaching a total share of approximately 25.28% of the capital. At the same time the respective boards of directors approved the authorization to acquire further Pirelli shares until to a maximum overall participation of 29.9% over the next 24 months.
The strengthening operation – it is explained – “strengthens the role of Camfin and Mtp as stable shareholders” of Pirelli, reiterating “the trust and commitment in support industrial projects” of the group.
With the merger hypothesis over, Pirelli returns “home”
Brembo’s exit from the scene in conjunction with the rstrengthening of the capital of MTP/Camfin it was seen as a passing of the baton which aims to strengthen the leadership of the historic shareholder, Marco Tronchetti Provera, decreeing the exit of the company active in braking systems which is owned by the Bombassei family.
Brembo’s entry into the capital had happened in 2000 with a share of 2.5%, which then rose to over 5% in 2022, when the strengthening had fueled the rumors of a possible merger of the two groups active in the automotive sector. A hypothesis that has now expired in parallel with the road that, even before, led to Beijing.
The exercise of the powers of Golden Power on the part of the Italian government, in fact, has put the an end to the cohabitation between Tronchetti Provera and the Chinese shareholderswhich began in 2015, the year they entered the capital of the Italian company. The prohibition from participating in governance decreed by the Italian government, in fact, effectively limited the powers of the Chinese, who began a gradual exit from Pirelli’s capital: the Silk Road Fund has already placedlast May, 9% of Pirelli’s capitalwith a 7% discount on the market price, and Sinochem could do the same with its 37% stake (or part of it).