The head of Pirelli has reached a draft agreement with the Malacalza family to reshape the ownership structure of the Italian tiremaker, a source tells Reuters.
(Reuters) – The head of Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz) has reached a draft agreement with the Malacalza family to reshape the ownership structure of the Italian tiremaker, a source close to the matter said on Tuesday.
The agreement reached between Marco Tronchetti Provera and the Malacalzas will see the Genoa-based family leave Pirelli holding companies GPI and Camfin (CAMI.MI: Quote, Profile, Research, Stock Buzz), the source said.
The Malacalzas will hold around 7 percent of Pirelli, the source said.
Tronchetti controls the world’s No.5 tire maker through stakes in a set of cascading holding companies including GPI and Camfin.
The source said Tronchetti Provera would remain in control of managing Pirelli.
It was not possible to reach Camfin for a comment while the Malacalza family was not immediately available for a comment.
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