Russia’s largest crude producer Rosneft has agreed to take a 50% stake in a consortium that will control 26.19% of Pirelli, following a reorganization of the Italian tyre producer’s ownership structure, bank Intesa Sanpaolo said in a statement Monday.
“Nuove Partecipazioni, Unicredit, Intesa Saopaolo and Clessidra have reached an outline agreement with Rosneft to enhance the value of the indirect stakes in Pirelli held through Camfin at a price equal to Eur12 [$16.60] a share,” the statement said.
Under the deal, Camfin will transfer a 26.19% stake in Pirelli to a company in which Rosneft will own 50%. The remaining 50% will be owned by a company in which Nuove Partecipazione holds 80% and Unicredit and Intesa Sanpaolo each hold 10%.
The Clessidra Fund will exit the company following completion of the deals, Intesa Sanpaolo said.
Rosneft said it expects to sign a final agreement on the acquisition no later than May.
“This deal strengthens Rosneft’s business links with Pirelli, within the framework of agreements reached previously, and the two companies plan to expand joint international projects,” Rosneft said.
Since late 2012, Rosneft has established a number of commercial, research and development agreements with Pirelli, including on materials for tyre and synthetic rubber production.
Late last year, Rosneft signed a research and development agreement with Pirelli and local partner Oil Techno on styrene butadiene rubber production in Armenia.
Intesa said the latest deal was aimed at strengthening Pirelli’s commercial network in Russia, given Rosneft’s presence across the country.
The bank said the restructuring would not change Pirelli’s governance led by its board of directors, chairman and CEO. But extraordinary operations such as capital increases, mergers or demergers would be subject to the new consortium’s approval, Intesa said.
Source: Platts
Published: 17 Mar 2014