Pirelli, Sinochem’s Chinese could sell 37%
Could soon change the shareholding structure of Pirelli: the Chinese of Sinochem would be evaluating the sale of the controlling stake of 37%. To reveal it is Bloombergwho citing sources close to the dossier explains how there have already been some preliminary expressions of interest from private equity funds.
Pirelli’s stock on the Stock Exchange, at the release of the first rumors, had plummeted by as much as 4% with a brief passage in the volatility auction. Currently, however, it has risen and is trading above parity, around 4.77 euros, up by over 1.7%.
The shareholding structure of Pirelli
Bloomberg explains that the choice of Sinochem Holdings would be to sell the shares in Pirelli to simplify its global portfolio. Rumors of a possible sale of the shares held by the Chinese group had already come out in the past.
Sinochem Group and China National Chemical Corporation have merged and through Marco Polo manage the controlling share of the Italian group. The other significant shares belong to institutional investors (27%), Camfin (14%) and Silk road funds (9%). In the hands of retail investors, including the 5.20% held by Alberto Bombassei through Brembo, there are 8.87% of the shares.
The Beijing-based group is said to be in the early stages of reviewing its stake in Pirelli and potential buyers, including private equity firms, have shown a preliminary interest in the stake in the Italian firm. The entry of the Chinese holding into Pirelli had taken place in 2015, when it took over the stake for around $8 billion.
Le dimissioni dal cda di Bai Xinping
It should be remembered that yesterday Bai Xinping, a member of the board of directors of Pirelli with a Sinochem stake, had announced his resignation from the position of director of Pirelli. The reason for leaving was “the assumption of new professional responsibilities in the Sinochem Group”.
The resignations – the company explained in a note – will take effect from the Pirelli board of directors already scheduled for February 22, 2023, which will be called to decide on the co-option of a new director. Bai Xinping held the position of non-executive director.