Clessidra divests Pirelli stake

The Pirelli shares, valued at €12 apiece, will be 50% owned by a newco, which is itself 80% owned by existing investor Nuove Partecipazioni, with other existing investors Unicredit and Intesa SanPaolo holding the remaining 20%. The other 50% of the shares will be acquired by new investor Rosneft, in a deal that enables Clessidra to fully divest its holding.

The fresh capital generated via the shareholding restructure will be used to expand Pirelli's activities in Russia following the deal.

Previous investment
Clessidra invested in Pirelli in June 2013, when it joined forces with Intesa SanPaolo and Unicredit to back the company's chairman Tronchette Provera. Clessidra, Intesa Sanpaolo and Unicredit invested €91m, €41m and €41m respectively.

Company
Established in 1872, Pirelli is a global company based in Milan that has been trading on the Milan Stock Exchange since 1922. It is the fifth-largest tyre manufacturer in the world and is present in more than 160 countries. The company has 22 manufacturing sites globally and a network of 10,000 distributors and retailers.

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