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Clessidra, Investindustrial consider Pirelli tyres bid

19 Nov 2012

A pair of Italian private equity firms are reported to be considering a bid for the holding company that jointly owns tyre giant Pirelli.

Investindustrial and Clessidra are both working on a €40m to €60m investment in MTP Sapa, the company through which Pirelli chairman Marco Tronchetti Provera controls the tyremaker, according to Reuters.

The investment will allow Provera to subscribe a capital increase in fellow holding company GPI and maintain control of Pirelli, which has seen its market capitalisation climb above €4bn following the private equity interest, the report said.

GPI approved a €45m capital increase in September to repay a bank debt of €41m due this month.

Clessidra has also been in talks to buy Italian aerospace parts manufacturer Avio, although talks appear to have stalled.

Investindustrial recently agreed to take full control of PortAventura, Europe’s third-largest theme park, three years after acquiring an initial 50 per cent stake.

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