Brembo sells stake in Pirelli

The Italian company Brembo, a manufacturer of automotive braking systems, has sold its stake in Pirelli, which was 5.58%. The value of the securities was 282.9 million euros or 5.07 euros per share.

2.5% of Pirelli's shares were purchased by the investment structure Camfin S.p.A., controlled by Marco Tronchetti Provera, the executive vice chairman of the board of the tire manufacturer.

Following the transaction, the stake of Camfin and its affiliated companies (Marco Tronchetti Provera & C. S.p.A. and Camfin Alternative Assets) in Pirelli was increased to 25.8%, which "reinforces their role as stable shareholders of Pirelli and confirms their commitment to supporting the company's industrial projects." The Board of Directors of Camfin also approved an increase in the stake in Pirelli to 29.9% within the next 24 months.

Brembo became a shareholder of Pirelli in 2020, and its stake in the company at one point reached 6%, and at one time there were rumors of a possible merger of the companies with the aim of creating a large Italian premium automotive component manufacturer.

The largest shareholder of Pirelli with a stake of 37% is the Chinese holding company Sinochem.