Consob investigation on Lauro 61 to yield results
Italian regulator Consob is investigating into Lauro 61's offer to buy out shareholders in Camfin, the Pirelli holdings company. The said investigation, according to the investment firm, is no reason for the clamored recalculation of the share price offer made.
Lauro 61 is led by Pirelli Chairman Marco Tronchetti Provera and had offered to purchase the shareholdings from Camfin at EUR0.80 per unit. The firm had acquired 12.4% stake in the company from Malacalza Investimenti at the same price being offered.
This transfer ended the many years of conflict between Tronchetti Provera and Malacalza, who for many years have had management issues in the firm.
By the transfer, Lauro 61 accumulated 61% of Camfin and as required under Italian rules, would be required to purchase the remaining shares. The investment vehicle is planning to privatize the firm after gaining full control of the company and may opt to merge the two companies.
According to the Italian paper la Repubblica, market regulator Consob undertook an inquiry on whether the price of Camfin's bid was affected by the sale of shareholdings in Pirelli and if the price was lower than its actual value.
According to Lauro 61,through a statement, ":The purchase of Camfin shares by Lauro 61 and the purchase of Pirelli shares by Malacalza Investimenti are totally independent operations."