Camfin & LongMarch renew Pirelli agreement

Pirelli reports that the shareholder agreement between Camfin SpA and LongMarch Holding S.à.r.l. first signed on 13 May 2020 and modified on 30 June 2021 has been renewed for a further three-year period. The agreement thus remains in place until 13 May 2026.

The two parties agreed on 13 May 2020 that LongMarch had the right to repurchase 76,788,672 Pirelli shares, corresponding to approximately 7.68 per cent of Pirelli’s share capital. The agreement of 30 June 2021 paved the way for LongMarch’s entry into the shareholding structure of Camfin. LongMarch was to “contribute” 40,000,000 shares – corresponding to four per cent of Pirelli’s share capital – to Camfin. Following the contribution, LongMarch owns a potential interest through the repurchase agreement in 36,788,672 Pirelli shares, equal to approximately 3.68 per cent of Pirelli’s share capital.

After the completion of Longmarch’s entry into Camfin’s share capital, Camfin not only held up to approximately 14.1 per cent of Pirelli’s share capital, but also a potential investment equal to 4.6 per cent held through “call spread” financial instruments. The agreement facilitated Camfin’s initiation of a reserved capital increase, resulting in Longmarch holding a 34.9 per cent stake in the economic rights of Camfin.