Pirelli chairman Marco Tronchetti Provera has won the support of private equity firm Clessidra and banks UniCredit and Intesa Sanpaolo to buy out fellow shareholder in the world’s fifth largest tyre maker.
Tronchetti Provera and his partners have set up a new company called Lauro Sessantuno to launch a mandatory offer of 80 euro cents per share for Camfin – which controls Pirelli – after securing a 60.99 per stake.
Fellow Pirelli shareholder Malacalza Investimenti has sold its 12.37 per cent interest in Camfin to Lauro Sessantuno.
The companies said that the partnership between Tronchetti Provera and Malacalza has been terminated and that “all ongoing disputes among the several companies belonging to Malacalza. and companies controlled by Marco Tronchetti Provera will cease.”
The pair had reportedly been in disagreement over how to reduce the company’s debt pile, leading to the Italian businessman’s decision to invite investors to buy out the second largest shareholder in Pirelli.
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