Published by Global Banking & Finance Review®
Posted on December 12, 2024
1 min readLast updated: January 27, 2026
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Camfin plans to raise its Pirelli stake to 29.9%, securing financing from banks like UniCredit and Intesa Sanpaolo, amid Italian government scrutiny of Sinochem's influence.
ROME (Reuters) - Camfin, the family vehicle of Pirelli's executive vice chairman Marco Tronchetti Provera, is planning to increase its stake in the tyremaker to 29.9% from 26.1%, Italian daily Il Messaggero reported on Thursday.
To fund the operation and to cut the cost of its debt, Camfin is working to obtain 650 million euros ($682.96 million) in financing from a pool of banks led by UniCredit and Intesa Sanpaolo and including Banco BPM, the newspaper said.
Camfin is Pirelli's second-largest shareholder behind China's Sinochem which holds a 37% stake. The Chinese group's influence in the company has been curbed by measures taken by the Italian government. Tronchetti Provera has been in charge of Pirelli since 1992.
Last month a senior government official said Italy was checking whether the presence of Sinochem executives on Pirelli's board was in breach of measures Rome imposed to protect the tyremaker's autonomy.
($1 = 0.9517 euros)
(Reporting by Stefano Bernabei, Writing by Alvise Armellini, editing by Giulia Segreti)
The main topic is Camfin's plan to increase its stake in Pirelli to 29.9% with bank financing.
Camfin is securing 650 million euros in financing from a pool of banks led by UniCredit and Intesa Sanpaolo.
Sinochem, a Chinese group, holds the largest stake in Pirelli at 37%.
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