Pirelli, here are the new loves between Tronchetti and the Chinese in Camfin
The assembly of the Camfin financial holding, a strong shareholder of Pirelli, expands the board of directors to make room for the Chinese of Longmarch after joining the shareholder structure. All the details
Marco Tronchetti Provera makes room for the Chinese of Longmarch in Camfin, the financial holding company shareholder of Pirelli .
"Camfin adopts the new shareholding structure always centered on the leadership of Marco Tronchetti Provera (55.37%), following the entry of Longmarch, holding of the Chinese Niu family (20.3% voting rights)", writes today Il Messaggero .
On 30 June Camfin – of which Tronchetti Provera holds control through Mtp Spa – strengthened its stake in the Italian tire manufacturer to 14.1% following its previous agreement with Longmarch, the Luxembourg investment vehicle of the Chinese family Niu.
Under the agreement that became operational in October, Longmarch acquired a 7.68% stake in Pirelli through an existing "repurchase agreement" and then sold a 4% stake to Camfin (with a valuation of 6.5 euros) keeping the remaining 3.68%.
In addition, the agreement provided for the start of the reserved capital increase following which Longmarch will hold a stake equal to 34.9% of the economic rights in Camfin (equal to 4.2% of Pirelli). But at the end Marco Tronchetti Provera & C. will in any case retain control of Camfin. And consequently of Pirelli. As Camfin recalls on its website, "to date the main investment is represented by the investment in Pirelli & CSpA (shareholding equal to approx. 14.1% and financial instruments relating to a long position equal to approx. 4, 6%), an asset in which it acts as a stable shareholder through a long-term partnership with China National Chemical Corporation Ltd (ChemChina) ".
All the details.
THE RESULTS OF THE CAMFIN ASSEMBLY
"In recent days, the assembly of the financial company, a large Pirelli shareholder with 14.1%, was held, which renewed the bodies taking into account the three categories of shares: A in the hands of Mtp [which belongs to Tronchetti] and banks with voting rights for minor shareholders; C to Longmarch with normal voting rights ”reports Il Messaggero .
Last summer's agreement in fact provided for the adoption of a new text of the articles of association with the attribution of multiple votes in favor of the class A shareholders of Camfin – Marco Tronchetti Provera & CSpA, Unicredit and Intesa Sanpaolo – with the consequent maintenance of the control of Camfin by Mtp Spa.
THE NEW BOARD
Until the recent meeting, the Camfin Board of Directors was made up of 7 members: Marco Tronchetti Provera (Chairman and Chief Executive Officer); Giorgio Luca Bruno (Chief Executive Officer); Giovanni Tronchetti Provera; Alberto Bastanzio; Alfredo Maria De Falco; Luca Rovati and Paolo Maria Vittorio Grandi.
But now "the board has been enlarged from 7 to 9 members, the majority is always expressed by Mtp spa which previously had 4 and now one more" underlines Il Messaggero . “The five representatives of MTP are: the leader who remains in the presidency; Giorgio Luca Bruna, deputy ceo of Pirelli; Giovanni, Giada and Ilaria Tronchetti, sons of Marco; Alfredo Maria De Falco (Unicredit), Paolo Grandi (Intesa Sp), Niu Teng (Longmarch), Luca Rovati, indicated by minority shareholders ".
Therefore, compared to the old governance, Alberto Bastanzio is excluded, in the Mtp share.
THE BOARD OF STATUTORY AUDITORS ALSO RENEWED
Finally, the assembly also renewed the board of statutory auditors: Antonio Salvi, Fabio Artoni, Marco Brachetti.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/pirelli-ecco-i-nuovi-amori-fra-tronchetti-e-i-cinesi-in-camfin/ on Wed, 30 Mar 2022 11:06:46 +0000.