Pirelli shares up as Italian investors raise stakeholding

Milan, Italy – Pirelli’s shares have risen by nearly 6% following a move by Marco Tronchetti Provera SpA and Camfin SpA (MTP/Camfin) to increase their holding in the tire maker to over 20%.

The Pirelli shareholders took over 3.68% of shares from Longmarch, a financial vehicle previously controlled by Chinese rubber magnate Niu Yshun, and also purchased a 2.80% stake from a primary financial institution, Camfin said 8 Jan.

With the two-stage transaction, MTP, through its holding in Camfin, increased its stake held in the Milan-based tire maker to 20.58% from 14% prevously.

The deal brings the total ownership of Italy-based companies in Pirelli to over 26%, with Italian automotive braking systems supplier Brembo holding a 6% stake.

Marco Polo Int. Italy, an investment vehicle of Chinese group Sinochem, remains the leading shareholder in the tire maker at 37.01%, followed by Silk Road Fund at 9.02%. 

Other stakeholders include 'institutional investors' which hold a total of 23.70% of shares in Pirelli, as well as retail and other investors that hold 3.69%.

As of 12:00h on 10 Jan, Pirelli’s shares were trading at €5.13, up from a €4.81 opening price on 8 Jan.