Pirelli’s Italian shareholders support partnership with ChemChina

Milan-headquartered Camfin SpA announced that the lock-up commitments assumed on Pirelli & C SpA, the Italian tire manufacturer, in the context of the stock market listing of Pirelli, expired on Thursday.

After being bought by State-owned China National Chemical Corp, or ChemChina, in 2015 together with its historical shareholders Camfin SpA, which invests in automotive and real estate sectors, and Russian investor LTI, Pirelli has widened its access to the promising Chinese market and placed it ahead of other tiremakers in the Asia-Pacific region.

The existing agreements, as a consequence of this and of the completed finalization of the split of Marco Polo International Italy SpA, recognize the right of Camfin's shareholders, through dedicated statutory mechanisms, to ask for and obtain the attribution a quota of Pirelli shares corresponding to their percentage of participation in the capital of Camfin, the company said in a statement.

With regard to this, Camfin, controlled by the CEO of Pirelli, Marco Tronchetti Provera, and the second largest shareholders of Pirelli, announced that its shareholders have communicated their commitment to remain within the shareholder structure of Camfin and continue with the company structures which exist on Thursday for a period of three years.

This confirms confidence in the path to value creation undertaken by Pirelli and its management in the context of the partnership with ChemChina, according to the company.