MILAN -- Neither Italian holding company Camfin nor Russia's Rosneft have expressed an intention to sell their remaining stakes in Pirelli after the Italian tire maker returns to the stock market, CEO Marco Tronchetti said.
Two years after being taken over by state-owned China National Chemical (ChemChina), Pirelli is offering up to 40 percent of its equity capital in an initial public offering on the Milan bourse. It is expected to start trading on Oct. 4.
State-owned ChemChina holds 65 percent of Pirelli's sole shareholder, Italy-based Marco Polo, and will reduce its stake to between 45 percent and 46.7 percent after the IPO, depending on whether a greenshoe option is exercised.
Camfin, the holding company of Pirelli, Provera, and banks UniCredit and Intesa Sanpaolo will see their current stake of around 22 percent of Marco Polo cut to between 10 and 12 percent.
Investment fund LTI, linked to Rosneft, will have between 5 percent and 6.6 percent. It has a lock-up period of 180 days after the IPO, shorter than the other two core shareholders, and there is market speculation that it might sell its stake after that expires.