Brembo chairman says Pirelli merger deal not on the table
Reuters
Published Mar 03, 2023 08:54
Updated Mar 03, 2023 09:31
MILAN (Reuters) -The executive chairman of Italian brake maker Brembo ruled out on Friday any short-term plans for a tie-up with tyre manufacturer Pirelli.
"There is nothing on the table," Matteo Tiraboschi told Reuters when asked about a possible merger.
Long-running speculation about a combination of the two premium auto parts suppliers was rekindled this week by news that Brembo signed a shareholder agreement to align its voting at Pirelli's shareholder meetings with fellow investor Camfin.
The announcement came just two weeks after Pirelli's largest investor, Chinese state-owned group Sinochem, denied reports it was considering selling its 37% stake in the company that manufactures tyres for high-end carmakers such as Ferrari (NYSE:RACE), Porsche (ETR:P911_p) and BMW, and is the sole supplier for Formula One cars.
Brembo owns a 6% stake in Pirelli. Camfin, the vehicle of Pirelli CEO and Executive Vice Chairman Marco Tronchetti Provera, has a 14.1% stake in the company and has options to buy a further 4.6%.
Camfin has a separate shareholding agreement with Sinochem, expiring in 2026.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.