Camfin intends to increase its stake in Pirelli

Camfin, a company controlled by Pirelli's executive vice chairman Marco Tronchetti Provera, plans to increase its stake in the tire maker from 26.1% to 29.9%, Reuters writes, citing Il Messaggero.

It is reported that to complete the transaction, Camfin intends to receive financing of 50 million euros from a pool of banks led by UniCredit and Intesa Sanpaolo.

Camfin is the second largest shareholder of Pirelli after the Chinese Sinochem, which owns a 37% stake in the tire company. Earlier, the influence of the Chinese investor on Pirelli's activities was limited by the Italian government in accordance with the "golden power" rule.

In November, a high-ranking government official said that the Italian authorities were checking whether the presence of Sinochem representatives on Pirelli's board of directors was a violation of the requirements set by Rome.