China's Silk Road Fund selling 9% stake in Italy's Pirelli through ABB
MILAN, May 29 (Reuters) -China's Silk Road Fund is selling its 9% stake in Italian premium tyre maker Pirelli PIRC.MI through a so-called accelerated book building (ABB) procedure, a bookrunner said on Wednesday.
The deal comes after the Italian government intervened last yearto limit the influence of Pirelli'slargest shareholder, the Chinese state-owned conglomerate Sinochem Group 600500.SS, to preserve nationalinterest.
The price guidance for the sale of Silk Road Fund's shares in Pirelli was set at 5.69 euros each, with a 8.1% discount compared with their market price, according to the bookrunner. That values the entire stake around 513 million euros ($554 million).
Milan-listed Pirelli shares closed up 0.3% on Wednesday at 6.19 euros, giving the company a market capitalisation of around 6.2 billion euros.
An ABB is a form of offering, with banks acting as bookrunners, in which shares are offered during a small time window, generally lasting between 24 hours to 48 hours.
With its 37% stake, Sinochem remains Pirelli's largest investor. It has a governance agreement with Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, who has led Pirelli since 1992 and is now its executive vice chairman.
Camfin, which holds a 20.6% stake, is Pirelli's second largest shareholder.
($1 = 0.9257 euro)
Reporting by Giulio Piovaccari; Editing by Josie Kao
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
