Global private equity and venture capital news and research

Investindustrial, Clessidra confirm Pirelli talks

21 Nov 2012

Italian private equity firms Investindustrial and Clessidra have confirmed they are in exclusive talks over a possible financial and business partnership with the holding company that owns Pirelli, the world’s fifth-largest tyremaker.

The companies confirmed discussions in a joint statement on Tuesday, adding that an agreement had yet to be reached and that talks would continue until 15 December.

Earlier reports said Investindustrial and Clessidra were working on a €40m to €60m investment in MTP Sapa, one of the holding companies through which chairman Marco Tronchetti Provera controls Pirelli.

Tronchetti Provera also owns the business through holding companies GPI and Milan-listed Camfin.

The investment will allow Tronchetti Provera to subscribe to a capital increase in GPI to pay down debt and maintain control of the company, which has seen its market capitalisation climb above €4bn following news of the talks.

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

Copyright © 2012 AltAssets


Legals & Terms of UsePrivacy Policy

AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: WeWork 4001, 1 Fore Street, London, EC2Y 5EJ
Content is © AltAssets 2000-2016