In 2020, Brembo became a shareholder in Pirelli, owning 6% of the tire specialist company. However, the brand of brakes and accessories for the automotive sector has decided in the last few hours to sell its stake in Pirelli, currently estimated at 5.58% of the latter’s total capital.
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Brembo completely separates itself from Pirelli
The departure of Brembo clarifies the doubts that existed about whether both brands could expand their collaboration agreement, even going so far as to create a joint company. The main idea of this agreement, as pointed out by Autopos, was “counteract the influence of China’s Sinochem.”
This sale operation by Brembo has meant getting rid of a total of 55.8 million shares, which it has ended up selling at a rate of 5.07 euros each. This operation costs Brembo a final amount of about 283 million euroswhich is equivalent to collecting profits if we compare it with what I paid in April 2020 for 2.4% of Pirelli’s capital, 74 million euros.
After the sale by Brembo, Marco Tronchettiexecutive vice president of Pirelli, would have acquired another additional 2.5% of the brand. In this way it would have, today, 25.3% of the company’s assets. In addition, it has the possibility of continuing to expand this figure to 29.9% in the next two years, as detailed in the new agreement.
In any case, the Chinese business group Sinochem Holdings remains the majority shareholder of Pirelli at this time, with 37% of the company’s shares. However, the current Italian government of Giorgia Meloni is behind approving a plan with which the entry of foreign capital into national companies can be vetoed if the purpose is to gain majority or total control of them. We will see what the consequences of these policies are and whether Pirelli or any other Italian brand ends up benefiting or not from their application.
