This section of the report discusses the businesses of the companies Pirelli & C. Eco Technology (sustainable mobility), Pirelli & C. Ambiente (environment) and Pzero (fashion).
With regard to the first two businesses, these are companies in which a 51% stake is held by Pirelli & C. S.p.A. and a 49 percent stake by Cam Partecipazioni S.p.A., a company in the Camfin Group, and in relation to which in February 2009, Pirelli & C. S.p.A. and Cam Partecipazioni S.p.A. renewed a shareholders’ agreement so as to regulate their relationships as shareholders of the above companies operating in the environment and sustainable mobility businesses.
This agreement gives a purchase option to Pirelli & C. S.p.A. and a sales option to Cam Partecipazione S.p.A. in the event either of the two parties, at the June 30, 2012 expiration date, and every three years thereafter, does not renew the shareholders’ agreement.
In the event the purchase option or sales option is exercised, the price will be decided on the basis of the discounted cash flow method and provides, for any corrective function, the application of the market multiples of comparable companies.
There is also a sales option in favor of Cam Partecipazioni S.p.A. in the event of disagreement on relevant issues.