Pirelli shareholders appeal for better ChemChina offer

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.

According to a report published in La Repubblica on 4 June, shareholder Malacalza may join Paulson and other hedge funds in order to achieve its end. Together, the funds are said represent about 20 per cent of Pirelli shareholders. Their argument is that the main shareholder Camfin would get a higher price from other benefits in the bid. Camfin, however, said this is “not true”.

Tyres & Accessories contacted Camfin for comment.