Pirelli CEO Marco Tronchetti Provera is in talks with private equity firm Clessidra and banks UniCredit and Intesa about a potential investment in Camfin, which controls the world’s fifth largest tyre maker.
The talks are taking place as fellow Pirelli shareholder Malacalza Investimenti is looking to exit its investment in the business, Tronchetti’s investment holding MTP Spa said in a statement.
The sides are currently finalising agreements “concerning a potential transaction on Camfin, aimed at the reorganization of its proprietary structure – also as a consequence of the potential termination of the partnership (with Malacalza).”
Tronchetti and Malacalza have 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.
Malacalza currently holds a 12.1 per cent stake in Camfin. Back in March it was reported that Clessidra made another offer for the media unit of Telecom Italia despite the company entering exclusive talks with rival bidder Cairo Communication.
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