MILAN. The Pirelli is going to become Chinese. An icon of Italian industry in the world, the company tire born 142 years ago in Milan’s early industrialization will soon Chem-China – a state-controlled conglomerate – as a member of an absolute majority. Over the weekend there will be the boards of directors that will kick off operation, with an official announcement expected before the reopening of the Stock Exchange. But the handover alarmed the unions, who attack the government and the Italian entrepreneurial class: “It lacks an industrial policy, is a defeat for the whole system”
Argumentative with Palazzo Chigi, the intervention of Susanna Camusso , general secretary of the CGIL. which does not mind so much with the operation itself but with the policies of the Cabinet Renzi: “The sale of a valuable piece of our industrial system, which is Pirelli, to foreign capital would not in itself a tragedy if the Italian capitalism was able to withstand the challenges of international competition and the government had an industrial policy capable of addressing and protect the productive energies that do exist in Italy. “A apremessa serving the Camusso to say that “the government is Confindustria prefer a competition on costs affecting the rights and wages of workers, rather than challenge the world in terms of know-how, innovation, good jobs.”
It is not spare even Anna Maria Furlan, number one of the CISL. His lunge focuses on the Italian entrepreneurial class, “” E ‘yet another defeat for our financial capitalism, unable to defend the historic Italian brands and invest in companies great quality of our country. ” The general secretary of the union takes issue with the Catholic Palazzo Chigi: “Sure is impressive the silence of the government, politics and the ruling class in the face of these financial transactions that affect the future production of the country.”
In any case, the details of the transaction, you will know before the reopening of the stock. Although the key points are already known. The Chinese want 51% of the new chain of control. And to do that are willing to invest 3 , 5 billion euro in the corporate chain of the group, which will be submitted to the fourth reorganization in four years to make room for new members and provide for the earlier part of the shares to cash. A reorganization that involves the public purchase of Pirelli and its likely withdrawal from listing on the stock, after 93 years. In Exchange Pirelli we could get back then, only with the part car tires (most profitable), while the tires to the industry could join Aeolus Tyre, a subsidiary of the Chinese in the segment.
Details of the transaction are not yet formalized: the convocation of the board of directors of the members of the Bicocca began last night with New Equity (which includes shares Tronchetti and Italian associates), and Unicredit Intesa Sanpaolo. It continues today and tomorrow with the other shareholders Rosneft and Camfin, so the action will reopen Monday with official information and symmetrical. But since yesterday had reached the admissions rumors circulating for days. Broke the ice, Consob, after a Thursday of silence while the action Pirelli rose 3%, yesterday morning has asked the company to comment: “As of today Pirelli has not received any formal notification of a launch of a takeover bid “, was the answer.
More talkative response to the Commission provided by Camfin, holding 26% of the securities Pirelli:” Camfin and his associates report that negotiations are under way with an industrial partner for an international ‘operation on the participation in Pirelli, aimed at ensuring stability, autonomy and continuity in the growth of the group, which would maintain the headquarters in Italy. ” Among the elements in the filing, “the transfer of the entire stake Camfin at the price of EUR 15 per share in an Italian company newly established subsidiary of the international industrial partners with simultaneous reinvestment of Camfin in that company,” and follow “an offer takeover bid for all the shares Pirelli “. A second press Camfin specified, to avoid unpleasant surprises, that “Opa would be launched on the totality of Pirelli at the same price of 15 euro per share.” To all 15 euro, for a total of 7 billion: but in two different times. Prior to the shareholders Camfin, which will have 1.9 billion and reinvest it seems a half to remain shareholders of weight. Then the market, which yesterday between round exchanges anticipated developments and led Pirelli, the highest level from the 90s, to 15.23 Euros (+ 2.2%). Without the coupon to peel off in June we are already at the tender offer price ventura.
Among the most sensitive issues is the holding of the shareholder ours. “What matters is that the centrality of Pirelli remains in Italy, we will see – said the deputy minister of economic development, Claudio De Vincenti -. The arrival of foreign capital in itself is good. And 2015 has started to show as great Hitachi and Lucchini. ” In the rarefied investment from our own, with the crisis have come under foreign control Parmalat, Edison, Bulgari, Valentino, Alitalia, Ansaldo Sts, Rinascente, Coin. And the money China has accumulated shares of 2% of Enel, Eni, Fca, Saipem, Mediobanca, Generali, Telecom, Prysmian, 35% of CDP networks that controls Terna and Snam, 40% of Ansaldo Energia. For this will be important, in the shareholders’ agreement in writing, the prospects for rooting of Pirelli “Italian”: it turns out the management will be confirmed five years, the headquarters and research & amp; development will remain in Italy, and are conceivable clauses repurchase and sale to the protection of members that are going to be diluted. But the well-known slogan “power is nothing without control” from here on out will sound more Chinese than another.
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