High-end brake maker Brembo said on Tuesday it was starting a process to sell its entire stake in tire maker Pirelli, worth around 300 million euros ($331.8 million), fueling speculation about a merger between the two Italian groups.
Brembo currently owns around 5.6% of Pirelli. He increased his interest from 2020 to 6% at one point and signed a shareholder agreement in 2023 with Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, Pirelli’s second largest investor.
The purchase of Brembo had fueled speculation about another face-off by Italian shareholders for Pirelli, especially after the Rome government intervened last year to take control of the company by its largest shareholder. , the Chinese conglomerate Sinochem Group.
The sale will be made through a process called “accelerated book building” (ABB), which will start “immediately”, according to the Italian company in a statement.
BNP Paribas has been appointed as the sole global coordinator for the location’s operations.
An ABB is a type of offering in which banks act as booksellers and in which shares are offered during a short time window, usually lasting between 24 and 48 hours.
Marco Tronchetti Provera, who has been in charge of Pirelli since 1992, is now executive vice president.
(1 dollar = 0.9042 euro)
2024-10-01 17:42:22
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