The investment vehicle of longtime Pirelli boss Marco Tronchetti Provera is increasing its stake in the Milan-based tyremaker months after the Italian government curbed the rights of China-based Sinochem, its largest shareholder.
Following a two-stage transaction involving Tronchetti Provera’s financial concern and Camfin, the holding company of Pirelli’s Italian investors, MTP will raise its stake to 20 per cent from a current 14 per cent, according to a statement.
Tronchetti Provera last summer stepped down as Pirelli chief executive after a three-decade tenure but maintains a tight grip on the company now headed by Andrea Casaluci, a close aide. He is currently Pirelli’s executive vice-chair.
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