Italian consultation pact
The shareholding balance within Pirelli is changing. In fact, yesterday evening a consultation agreement was announced between Camfin, in which Marco Tronchetti Provera is the main shareholder and owner of 14.1% of the tire manufacturer’s shares, and Brembo, which recently rounded up to 6 % his stake in the same company. textually, the agreement provides for Brembo’s commitment to “adapt one’s vote to that of MTP/Camfin after consulting in advance on the topics placed from time to time on the agenda of the ordinary and/or extraordinary shareholders’ meeting of Pirelli”.
Chinese still ahead
At this moment, therefore, the majority of Pirelli remains in the hands of the Chinese shareholders of Sinochem and Silk Road Fund, which together control 46% of the capital, with the Italian structure stopping at just over 20% thanks to the participation of Camfin and Brembo. In reality, the share of Niu, a Chinese shareholder but Tronchetti’s historical industrial partner, equal to 3.65%, can also be added to this last “union”, for a total that is therefore around 23.7%. As reported by La Repubblica today on newsstands, although the majority of Pirelli remains firmly in the hands of the Chinese giant, this move will be useful in the coordinate moves between the two Italian entrepreneurs: the long-term goal is instead that of a “future without Chinese”.
Future without Chinese
“In the future, then, it cannot be excluded that the Chinese may at some point disengage from the Italian company, even if at the moment this eventuality has been denied by those directly involved following indiscretions to this effect published by Bloomberg – writes the newspaper in this regard – The market, after Brembo’s entry, has often speculated on a possible one fusion between the two groups, even if studies conducted in the past have shown that there are no particular synergies to be exploited. But the idea remains fascinating: high quality Italian tires and brakes”.
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