Stock Deals Shift Pirelli Ownership

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.

Tronchetti Provera also said Pirelli could consider buying tire production operations in high-growth countries, but is not considering any such acquisitions. The tiremaker has reportedly backed off buying shuttered or existing tire plants in Russia, and has now set its sights on a Greenfield plant in that country.