A Milan court has handed Pirelli chairman and CEO Marco Tronchetti Provera a 20 month suspended sentence for receiving stolen information about Italian public figures during the time he was chairman of Telecom Italia. Judge Anna Calabi also ordered him to pay Telecom Italia 900,000 euros compensation.
Pirelli chairman Marco Tronchetti Provera has resigned from his position on the advisory board of the Libyan Investment Authority, which is the eighth largest shareholder of the multinational financial institution UniCredit, according to a Reuters report. The decision to resign came “in the face of the tragic events that are hitting the Libyan people,” according to a Pirelli statement. Tronchetti Provera has been on the LIA’s investment committee since March 2009.
Pirelli SpA’s ownership shifted over the weekend as the Malacalzu Group increased its stake in the tyre maker, reports Tire Review. The Genoa-based Malacalza Group boosted its stake in Pirelli by increasing its stake in Camfin – Pirleli’s largest shareholder – to 12.1 per cent, and plans to take a 30.9 per cent stake in GPI, which controls Camfin. With those moves, the Malacaza Group will effectively become Pirelli’s second largest shareholder. Pirelli Chairman Marco Tronchetti Provera revealed the stock plan in an interview published on 26 June.
Pirelli chairman Marco Tronchetti Provera believes confirmation of next year’s Formula One tyre supplier may not be just around the corner. Despite previous remarks from those familiar with the negotiations regarding a likely announcement before the end of May, F1 chief executive Bernie Ecclestone reportedly left the Turkish GP in Istanbul “frustrated” about recent delays.
Camfin SpA, the largest shareholder in Pirelli parent company Pirelli & C SpA, has negotiated with its banks regarding a 100 million euro capital increase and a rescheduling of its debt. Camfin’s controlling shareholder GPI, along with a consortium of banks, will guarantee all of the capital increase, Reuters reported. Three new directors will also be appointed to Camfin’s board, making a total of 15 directors.
The banks participating in the debt deal include Banco Popolare, UniCredit, Banca Monte dei Paschi di Siena, Intesa Sanpaolo SpA and Banca Popolare di Milano. “The agreement foresees in addition that up to end of 2011 there will be no dividend distribution and that by 2012 the 49 per cent stakes in Pirelli & C Ambiente SpA and Pirelli & C EcoTechnology are sold,” the company said.
Pirelli chairman and CEO Marco Tronchetti Provera has stated that the company should reach the end of 2009 with a profit, Reuters is reporting. Quoted by a spokesperson at a company presentation in Milan, Tronchetti Provera said, “We are fairly optimistic that in 2009 things will change. The market is moving, the measures taken in 2008 and being carried out in 2009 are producing results.”
Thanks to a major restructuring process mainly involving the company’s real estate division and the general global financial turmoil, Pirelli finished 2008 with a net loss of 412.5 million euros, though recent stock performance has seen a small upturn in the past week.
According to news published by Reuters, Pirelli & C SpA is not interested in acquiring the tyre business of Continental AG. The news service reports that a comments to this effect were made by Pirelli chairman Marco Tronchetti Provera on February 11. During a press conference Tronchetti Provera said the Italian company was instead focusing on stand-alone growth.
A probe into spying allegations in Italy, in which 20 were arrested on suspicion of revealing confidential phone records, has exonerated Pirelli’s president, Marco Tronchetti Provera, from any wrongdoing. Tronchetti Provera had been chairman at Telecom Italia, the organisation which held the records in question, when Pirelli had a controlling stake in the telecommunications operation.
Following the probe’s conclusions, Pirelli and Telecom Italia have stated separately that they are in fact the injured parties. Tronchetti Prevera himself has apologised for the actions of the company under his stewardship, say Italian news sources, calling the spying activities the work of a small minority of “bad eggs”. The probe is continuing to investigate, and will bring proceedings against any party conforming to this malodorous elliptical description.
Comments given by Pirelli & C Spa chairman Marco Tronchetti Provera indicate that targets for company’s tyre business remain slightly higher despite declining car sales in Western Europe. Speaking to reporters on June 30, Mr. Tronchetti Provera said Pirelli is “working on growing where there is a sustained demand, to improve the profit mix and to reduce costs. Therefore we believe we can meet our targets.”
The Pirelli Group communicates has sealed a sponsorship deal with South African athlete Oscar Pistorius. Pirelli Chairman Marco Tronchetti Provera described Pistorius as: “An extraordinary person. We are happy to be able to give him our support. For Pirelli, he could represent our new Carl Lewis; his story witnesses to the fact that will, passion and technology can vanquish any obstacles, improving the lives of many.”
“Pirelli” – added Oscar Pistorius – “is a great company and an important brand. This agreement is another sign, after winning my case to have the chance to participate in the Olympics, that barriers are in the eyes of the beholder, of those who believe them to be barriers. It would be a dream come true for me to be a testimonial like Carl Lewis.”
Speaking at the launch of the Pirelli’s new Cinturanto tyre, Pirelli group chairman Marco Tronchetti Provera reiterated his intention to repurchase the 39 per cent stake in its tyre unit that was sold in group of banks for 740 million in 2006. “There is room to achieve a price that would be satisfactory…within a reasonable timeframe,” Tronchetti Provera told journalists.
(Tire Review) Company chairman Marco Tronchetti Provera confirmed that Pirelli SpA is in talks to repurchase a 39 per cent stake in its tyre unit. Tronchetti Provera made the statement in Shanghai on November 30, where Pirelli launched its 2008 Pirelli Calendar. Pirelli sold the 39 per cent stake in Pirelli Tyre to a group of banks in July 2006 for 740 million euros. The original plan was to take that share public with an IPO. “We are very confident that there will be an agreement,” Tronchetti Provera told media in Shanghai, but he added that negotiations could take months.
According to Pirelli & C SpA managing director for finance and strategic planning Luciano Gobbi the company has no plans for a separate listing of its Pirelli Tyre unit. These comments were reported by Italian media agency Radiocor, and come from a speech the executive gave in Paris.
“At the moment, the IPO of Pirelli Tyre is not in the programme. We have no evidence of a plan in this direction,” said Gobbi. Recent analyst reports indicate that Pirelli will move to re-acquire the 38.9 per cent Pirelli Tyre stake from Speed, a company set up by six Italian and foreign banks. For this purchase Pirelli will dip into the funds – an estimated 3.3 billion euros – it will receive from selling its stake in Telecom Italia SpA. Gobbi said he expects these funds to arrive between July and October.
In January Tyres & Accessories reported that an IPO of Pirelli Tyre looked likely, based on information that indicated both Speed and Marco Tronchetti Provera were keen to press ahead with plans to list the division.
(Akron/Tire Review) After months of wrangling and speculation, Pirelli SpA finally sold off its stake in struggling Telecom Italia SpA, vowing to reinvest part of the proceeds into its “core businesses.” In the deal announced Saturday, Pirelli and Benetton units Sintonia SA and Sintonia SpA are selling holding company Olimpia SpA, which owns an 18% share of Telecom Italia, to a group of investors headed by Spain’s Telefonica SA.