Pirelli & C. SpA announces that today it acquired from Camfin Group the remaining 49% of Pirelli & C. Ambiente SpA, a company which operates in the areas of the environment and sustainable development, and of Pirelli & C. Eco Technology SpA, a company which specializes in the production of anti-particulate filters and low environmental impact fuels, both of which are already fully consolidated in their accounts.
The operation is covered by agreements relative to the relationship between Pirelli and Camfin as shareholders of Pirelli & C. Ambiente SpA and Pirelli & C. Eco Technology SpA, which expire in June 2012, and include the Camfin Group’s right to sell (and the correlated obligation on the part of Pirelli to acquire) the two shareholdings in the event that one of the two parties decides not to proceed with the industrial collaboration.
The total outlay for the acquisition of the two shareholdings was approximately 7 million euros. In execution of the agreements, the valuation of the two participations took place – with the assistance of primary merchant banks – on the basis of the 2012-2014 Industrial Plans approved by the participants.
The operation is qualified as an operation with related parties (as a consequence of the existing relationship between Pirelli and Camfin which, in accordance with Consob’s regulation no.17221 of 12 March 2010, exercises a “notable influence” on the former) and of “minor relevance” in that it does not exceed the threshold identified in article 4, paragraph 1, letter a) of the cited regulation. At the same time, the Committee for Operations with Related Parties (which it should be noted is entirely composed of independent members and not connected in relation to the two operations) had already expressed a favourable opinion regarding the interests of the Company in the disposal of the two shareholdings, as well as regarding the convenience and substantial correctness of the relative conditions, as called for in the cited regulation.