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You are here: Home1 / Camfin

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Giorgio Luca Bruno named Pirelli’s next CEO

Career Tracks

Giorgio Luca Bruno will succeed Marco Tronchetti Provera as chief executive officer of Pirelli. In a statement published on Monday, Pirelli investor Camfin S.p.A announced that Bruno will take responsibility for the operational implementation of the group’s strategies, freeing Tronchetti Provera to guide group strategy and oversee the implementation of the Pirelli business plan as executive vice-chairman, a role he is confirmed to hold until spring 2026. Camfin views the transition as one that ensures the “continuation of the managerial culture of Pirelli.”

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. Pirelli industrial/consumer tyre business split continues
  3. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
  4. Pirelli shareholders appeal for better ChemChina offer
18th May 2022/by Stephen

Camfin increases its stake in Pirelli to 14.1%

Company News, International News
Pirelli

Camfin S.p.A. (Camfin) and Longmarch Holding S.à.r.l. (Longmarch), an investment vehicle owned by the Chinese Niu family which owns Chinese tyremaker Hixih, have entered into an agreement concerning the acquisition of shares in Camfin shareholding by Longmarch. The agreement represents the fulfilment of an April 2020 accord between Camfin and Longmarch, which included a call option for 4.89 per cent of Pirelli and means Camfin now owns 14.1 per cent of Pirelli.

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Related news:

  1. Pirelli and Hixih move closer together
  2. ChemChina now holds 30% of Pirelli shares
  3. Pirelli major shareholder Chemchina restructuring
  4. Pirelli shareholders amend agreement, some parties end co-investment accord
1st July 2021/by Chris

Pirelli shareholders amend agreement, some parties end co-investment accord

Company News, International News

Pirelli’s largest shareholders have amended their ownership agreement and – at the same time – certain parties have ended their co-investment stance in relation to each other.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Pirelli major shareholder Chemchina restructuring
  3. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
  4. ChemChina’s latest Pirelli shares held indirectly
15th October 2020/by Chris

Pirelli and Hixih move closer together

Company News, International News
Pirelli Hixih

On 1 April 2020 Camfin SpA, a key shareholder in Pirelli which shares the Italian tyre manufacturer’s close connections with Marco Tronchetti Provera, announced that Camfin and Longmarch Sàrl had signed “a preliminary and non-binding Memorandum of Understanding [MoU] to evaluate a possible strategic partnership, aimed at developing activities in private equity, including the healthcare sector. However, while Camfin is an investment company and Longmarch is a separate Luxembourg-based vehicle, the two firms are related to Pirelli and the Chinese Hixih Rubber Group respectively. And therefore, the latest news could also indicate that Pirelli and Hixih are moving closer together.

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Related news:

  1. Camfin increases its stake in Pirelli to 14.1%
  2. Sentury internationalising with US tyre factory investment
  3. Nokian to invest $360 million in new US tyre factory
  4. $250 million Ferentino tyre factory opens in Sri Lanka
15th April 2020/by Chris

Pirelli major shareholder Chemchina restructuring

Company News, International News
Pirelli ChemChina

On 23 January 2020, Pirelli & C. S.p.A. received a notification letter from its largest shareholder, China National Chemical Corporation Ltd. (ChemChina), informing the firm that it is undergoing “strategic restructuring”. The restructuring notice covered both ChemChina and Sinochem Group Co., Ltd.

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  1. ChemChina now holds 30% of Pirelli shares
  2. ChemChina’s latest Pirelli shares held indirectly
  3. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  4. Regulator approves ChemChina/Pirelli offers
27th January 2020/by Chris

Pirelli: Nokian merger rumours false

Company News, International News

Market rumours that Pirelli is considering a €9 billion (£7.7 billion) merger with Finland’s Nokian Tyres have been quashed by company spokespeople. Reports that such a deal was on the horizon emerged in mid-January and were then fuelled by re-reporting in the British and Italian press. However, these stories are “without foundation”, according to two Milan-based Pirelli spokespeople that Tyres & Accessories interacted with. Nokian has yet to comment.

Read more

Related news:

  1. Camfin gains right to buy up to 15% of Pirelli shares
  2. Pirelli shareholders appeal for better ChemChina offer
  3. EU gives ChemChina green light for Pirelli purchase
  4. Pirelli reverse merges with Marco Polo
20th January 2020/by Chris

Camfin gains right to buy up to 15% of Pirelli shares

Company News, International News, Premium

Pirelli shareholder Camfin now has the right to buy up to 15 per cent of Pirelli shares. The news came when Camfin announced on 26 September that it had underwritten “an additional financial instrument, maturing in September 2022, denominated ‘Call Spread’ with 8.9 million Pirelli shares underlying”. Call Spread’s shareholding equates to 0.89% of Pirelli’s share capital.

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Related news:

  1. Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
  2. Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion
  3. Pirelli: Nokian merger rumours false
  4. Pirelli shareholding to be controlled by ChemChina
27th September 2019/by Chris

Prometeon/Aeolus integration stalls

Company News, International News

The integration of Prometeon Tyre Group (the former Pirelli Industrial business) and Aeolus Tyre Co. Ltd has stalled after Aeolus’ pending acquisition of a 90 per cent stake in Prometeon failed to gain overseas acquisition approval from Chinese authorities before the 31 December 2017 deadline.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Pirelli industrial/consumer tyre business split continues
  3. Camfin gains right to buy up to 15% of Pirelli shares
  4. ChemChina entrusts Aeolus with Prometeon Tyre Group shares
18th January 2018/by Chris

Pirelli industrial/consumer tyre business split continues

Company News, International News, Premium

In parallel with presenting its full-year 2016 results, Pirelli has revealed further details of its complex ownership structure and how it is splitting its consumer and industrial tyre business into two separate entities.

The latest news is that, as of March 2017, TP Industrial holding (which owns the newly renamed PTG, which was called Pirelli industrial until recently – more on that later) has been separated out from Pirelli’s consumer tyre business. In practice this means the assignment of TP Industrial holding to Marco Polo, Pirelli’s sole shareholder. According to Pirelli, the assignment will “ensure that Pirelli and TP Industrial can pursue their own independent paths to growth and independently developed strategies”.

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. Pirelli truck tyres separating and merging with Aeolus/ChemChina
  3. ChemChina Pirelli buy-out underway
  4. Pirelli launches commercial tyre all-rounder R:01 Triathlon
5th April 2017/by Tyrepress Editors

Pirelli and ChemChina agree closing date, triggering mandatory tender offer

Company News, International News

CNRC (ChemChina), Camfin and its shareholders have announced that all the necessary antitrust and regulatory approvals for ChemChina’s purchase of the majority of Pirelli (as announced on 22 March 2015) have been obtained. Therefore the aforementioned parties have agreed to complete the transaction on 11 August 2015. As a result, the pre-announced mandatory tender offer for the remaining shares (at 15 euros each) will be triggered.

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  1. ChemChina now holds 30% of Pirelli shares
  2. ChemChina’s latest Pirelli shares held indirectly
  3. Pirelli is now Chinese owned
  4. Regulator approves ChemChina/Pirelli offers
5th August 2015/by Tyrepress Editors

EU gives ChemChina green light for Pirelli purchase

Company News, International News

ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.

Read more

Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. ChemChina now holds 30% of Pirelli shares
  3. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  4. Pirelli reverse merges with Marco Polo
2nd July 2015/by Tyrepress Editors

Pirelli shareholders appeal for better ChemChina offer

Company News, International News

Following the news that ChemChina now controls (both directly and indirectly) 30 per cent or more of Pirelli shares with a view to buying as much as 70 per cent of the company, Italian news reports suggest a number of smaller shareholders are forming an alliance in order to push for a higher offer price from ChemChina.

Read more

Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. EU gives ChemChina green light for Pirelli purchase
  3. Pirelli: Nokian merger rumours false
  4. ChemChina’s latest Pirelli shares held indirectly
4th June 2015/by Tyrepress Editors

ChemChina now holds 30% of Pirelli shares

Company News, International News

Following news of the company’s plans to takeover Pirelli based on purchasing Camfin’s leading shareholding in the Italian tyre manufacturer, ChemChina has revealed that it has made a deal with Edizione Srl for an additional Pirelli stake. The latest share purchase suggests ChemChina is in the second phase of its acquisition en route to a publically stated goal of owning 65 per cent of Pirelli.

Read more

Related news:

  1. ChemChina’s latest Pirelli shares held indirectly
  2. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  3. Regulator approves ChemChina/Pirelli offers
  4. Pirelli major shareholder Chemchina restructuring
15th April 2015/by Tyrepress Editors

Pirelli shareholding to be controlled by ChemChina

Company News, International News, Premium

In the early hours of 23 March 2015 Beijing Time, ChemChina’s China National Tire & Rubber Co. (CNRC) subsidiary signed an agreement with Camfin S.p.A. to purchase Camfin’s 26.2 per cent Pirelli shareholding at 15 euros a share. This values Pirelli at around 7.1 billion euros (£5.15 billion pounds). A joint tender offer by ChemChina, Camfin and other investors on the rest of Pirelli’s shareholding is now expected to follow.

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Related news:

  1. Pirelli industrial/consumer tyre business split continues
  2. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
  3. ChemChina Pirelli buy-out underway
  4. Pirelli IPO marks landmark in new ownership structure
23rd March 2015/1 Comment/by Tyrepress Editors

Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera

Company News, Premium

Working on a share price of €12, which translates into a market capitalisation of €5.8 billion, Pirelli boss Marco Tronchetti Provera has arranged the sale of 13 per cent of all Pirelli shares to a majority state-owned Russian energy giant. With this transaction, Rosneft is set to become the largest single Pirelli shareholder. But even though his own shareholding will reduce to less than five per cent when the ink dries on the deal, Tronchetti will retain more or less free rein at Pirelli. While some market observers currently fear that the political situation in Crimea and the Ukraine may harm the deal, and others set their hopes upon the introduction of sanctions against Russia getting in the way, this article focuses on other questions – who Pirelli actually belongs to, who has the say at Pirelli, and how it is possible to control the Pirelli Group despite only having a minority shareholding?

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. Pirelli industrial/consumer tyre business split continues
  3. Rosneft buys 13 per cent of Pirelli
  4. Pirelli/Rosneft deal unchanged – Tronchetti Provera
21st March 2014/by Tyrepress Editors
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