Pirelli: Brembo and Camfin, pact on voting
Just over two weeks after the rumors of the possible sale of the Chinese of Sinochem (later denied) and about three months after the shareholders’ meeting, something is moving at home Pirelli. Brembo SpA and Next Investment, together with its parent company NuovaFourB, signed with Faithtogether with its parent company Marco Tronchetti Provera & C.a shareholders’ agreement which provides for the commitment of Brembo to adjust their vote to that of MTP/Campin.
The agreement, which has a three-year term with automatic renewal for another three years unless terminated by one of the two parties, provides that Brembo must be consulted in advance on the topics placed from time to time on the agenda of the ordinary shareholders’ meeting and/ or extraordinary of Pirelli & C.
The details of the plan
A move that can be interpreted as a strengthening of the front of the Italian shareholders of Pirelli, also in the light of the rumors of a possible disengagement of the Chinese of Sinochem. Bremboalso including the share held through Next Investment, rose to 6% of the tire giant. Marco Tronchetti Provera, on the other hand, owns 14.1% of the share capital with voting rights and potentially another 4.6% held via call spread financial instruments.
Brembo and MTP/Camfin have shared “a general principle of continuity in the governance, strategy and management of Pirelli”, explains a note. It should be remembered that MTP/Camfin has already signed other shareholders’ agreements relating to Pirelli, but the one signed with Brembo does not collide with them. Brembo has also agreed that MTP/Camfin will continue to exercise the leading role of top management, also in relation to Pirelli’s strategic options. In short, Brembo ties its shareholding in Pirelli to Tronchetti Provera: “We confirm Brembo’s role as a long-term shareholder of Pirelli” declared the executive chairman of Brembo Matthew Tiraboschi.
If Brembo wants to go up it must consult Camfin
The leading company in the braking systems sector has also agreed that, nIf he wishes to proceed with the purchase of additional Pirelli shares, he must inform Camfin in advance. In the event of lack of consent, Brembo could still proceed with the purchase but would give MTP/Camfin the right to withdraw from the shareholders’ agreement.
All rights and prerogatives attributed to MTP/Camfin are conditional on the circumstance that Marco Tronchetti Provera and/or his heirs maintain control over Camfin and Camfin maintains a stake of no less than 10% of the current share capital of Pirelli, specifies a note .