Pirelli: Sinochem denies a plan to sell the stake

Although Sinochem declared in a press release yesterday that it `has no plan to sell its stake in Pirelli`, Equita remains of the opinion that the movements in the shareholder base that we have observed over the last 2 years and the recent press rumors indicate that unless there are any ongoing evaluations. In the event of Sinochem’s exit, analysts believe that the basic scenario could be that of forming a hard core with an Italian majority around Camfin (which holds 14.1%). To monetize the majority bonus, Sinochem’s 37% stake should be sold en bloc (perhaps also together with the 9% held by the Silk Fund), but at present we have no elements to assess whether this is a probable scenario. If Sinochem intends to remain a shareholder, Equita believes that the Silk Fund quota can be placed on the market.