Camfin raises stake in Pirelli as Brembo sells entire holding in tire maker

Milan, Italy – Brembo has sold its entire 5.6% stake in Pirelli & C. SpA, raising around €283 million from the transaction, the Italian brake systems major announced 2 Oct.

Of the shares sold, Camfin – Pirelli’s second largest investor and the financial vehicle of Marco Tronchetti Provera – acquired 2.5%, the Italian investment company announced separately.

The acquisition brings Camfin’s total ownership in the Milan-based tire manufacturing group to 25.28%.

Furthermore, Camfin announced that its board had also authorised it to increase its stake in Pirelli to 29.9% over the next 24 months.

In its announcement, Brembo did not disclose further details about other investors acquiring the remaining shares.

As it stands, Sinochem remains the largest shareholder in Pirelli with a 37.01% stake, followed by Camfin.

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