Italian shareholder Camfin increases stake in Pirelli

Milan, Italy – Pirelli & C. SpA has seen a shift in its ownership set-up, as second largest investor Camfin Group increased its share-holding in the Milan-based tire maker.

Camfin, representing Marco Tronchetti Provera SpA and Camfin SpA (MTP/Camfin), announced 30 May that it had acquired a 2.2% stake in Pirelli – raising its total ownership to 22.78%.

The move coincided with reports that Silk Road Fund, a Chinese state-run investment fund with 9% shares in Pirelli, had sold its holding in the Italian tire maker.

Earlier this year, Camfin extended its position in Pirelli: taking over 3.68% of shares from Chinese investor Longmarch and purchasing a 2.80% stake from a financial institution.

With its latest purchase, Camfin said it was “strengthening the role of Camfin and MTP SpA as stable shareholders" in Pirelli.

The deal brings the total ownership of Italy-based companies in Pirelli to over 28%, with Italian automotive braking systems supplier Brembo holding a 6% stake.

Following the latest developments, Marco Polo Int. Italy – an investment vehicle of Chinese group Sinochem – remains the largest shareholder in Pirelli with a 37.01% stake.

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

ERJ is requesting further information from Pirelli about these developments.