Mar 2

Analysts: Pirelli Shareholder Accord Boosts M&A Speculation

An accord for Brembo to align voting with Camfin at Pirelli (PIRC.MI) shareholder meetings supports speculation of an eventual merger between the Italian tyre maker and Brembo, analysts said on Wednesday.

Camfin is an investment vehicle of Pirelli CEO Marco Tronchetti Provera and has a 14.1% stake in the company with options to buy a further 4.6%. Brembo (BRBI.MI) – controlled by the Bombassei family – has a 6% shareholding.

The Brembo-Camfin shareholder agreement, announced on Tuesday, came two weeks after Pirelli’s largest shareholder, Sinochem, denied a report it was considering selling its 37% stake. The report rekindled speculation of a change in Pirelli’s controlling structure, potentially …

Source: Reuters

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