Pirelli chairman strengthens grip on company with Clessidra backing

Amy King
06 June 2013

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Italian GP Clessidra has joined forces with Intesa Sanpaolo and Unicredit to back Marco Tronchetti Provera, chairman of tyremaker Pirelli, in the acquisition of further shares in the company.

The purchase has been completed through the newly created holding structure Lauro Sessantuno. Clessidra has committed capital through the Fondo Clessidra Capital Partners II vehicle.

The agreement sees Malacalza Investimenti, the investment firm of the Malacalza family, sell its 12.4% direct stake in Cam Finanziaria SpA (Camfin), the largest shareholder in tyremarker Pirelli. Malacalza has also sold its 31% stake in the holding company that controls Camfin.

Following the acquisition and the incorporation of Tronchetti's shares in the company, Lauro Sessantuno will own 60.99% of Camfin. The buyers will then launch a tender offer for the remaining stock at €0.8 per share and intend to delist Camfin.

The deal raises total proceeds of €160m for Malacalza Investimenti, according to a statement, and sees Malacalza end legal challenges regarding Tronchetti's holding. The Malacalza family has doubled its original investment through the sale.

In the initial stage of the transaction, Clessidra, Intesa Sanpaolo and Unicredit will invest €91m, €41m and €41m respectively. The overall investment may rise to a maximum of €150m, €115m and €115m, respectively, in the event of a full bid subscription.

The shareholder agreement sees Marco Tronchetti Provera continue to head up the company for a four-year period.

The financial advisers for the transaction were Banca IMI, Lazard, Rothschild and Unicredit. The legal advisers were D'Urso Gatti e Bianchi, Pavesi Gitti Verzoni, Chiomenti and Labruna Mazziotti Segni, and Michele Carpinelli.