Pirelli Chairman Seeks To Retain Control Through Investors

By Marc Castro

Jun 04, 2013 11:59 AM EDT

Marco Tronchetti Provera, the chairman of Pirelli, announced last Tuesday that he is representing the company in discussions with a private equity fund as well as two Italian banks in its investment in Camfin. Camfin is the holdings firm that is the controlling investor in the fifth largest tire maker in the world.

According to a Tronchetti holdings company, through a statement, further details would be released in upcoming statements. It also added that the investments are to be made by private equity fund Clessidra and banking firms UniCredit and Intesa Sanpaolo would lead to a future 'restructuring of the group's control structure.'

The statement further added that the investment 'may also follow' the conclusion of the strategic partnership of Tronchetti Provera with Malacalza Investimenti. The plan is to retain control over the firm even with the exit of Malacalza Investimenti. 

Pirelli shares fell 1.4% to Eur8.82 because of the lack of information as to the investment. On the other hand, Camfin shares jumped 1.9% at Eur0.87 per share.

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