Pirelli investor Camfin boosts stake as Chinese fund offloads 9%
Updates with final term, Camfin purchases, changes headline
MILAN, May 30 (Reuters) -Camfin, the second-largest investor in Pirelli PIRC.MI, has increased its stake to 22.8% as China's Silk Road Fund sold its 9% interest in the Italian premium tyre maker.
Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, said on Thursday it bought a 2.2% stake, strengthening its role as a stable shareholder and reiterating its commitment to supporting the group's industrial projects.
Tronchetti Provera, who has led the tyre maker since 1992, is now the executive vice chairman.
Chinese state-owned conglomerate Sinochem Group 600500.SS remains Pirelli's largest shareholder with a 37% stake.
The share sale, through an accelerated book building (ABB) procedure, by Silk Road Fund comes after the Italian government intervened last year to limit Sinochem's influence over Pirelli.
Rome used its so-called "golden power" legislation that protects key national assets to modify an amended governance agreement between the two top shareholders, curbing Sinochem's grip on the tyre maker and reiterating Camfin's strategic lead.
Silk Road Fund on Thursday completed the sale of its 90.2 million Pirelli shares at 5.76 euros each, valuing the entire stake at around 520 million euros ($562 million), a bookrunner said.
The final selling price slightly topped the 5.69 euro guidance set on Wednesday, when the sale process was launched.
Milan-listed Pirelli's shares were down 5% at 5.88 euros at opening.
On Wednesday, before the sale deal was announced, the shares closed at 6.19 euros, giving the company a market capitalisation of around 6.2 billion euros.
An ABB is a form of offering where banks act as bookrunners and in which shares are offered during a small time window, generally lasting between 24 hours to 48 hours.
($1 = 0.9261 euros)
Reporting by Giulio Piovaccari; Editing by Josie Kao and Sriraj Kalluvila
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。
