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This article was published on Oct. 21, 2015 at 6:38.
The big reorganization of Pirelli is further partial fulfillment in the settlement, in fact, the new board of directors who will lead the group in the next stages. The board, after the resignation of five directors on October 14 (Anna Maria Artoni, Didier Casimiro, Ivan Glasenberg, Petr Lazarev and Igor Soglaev), yesterday co-opted representation of the new Chinese partner: Ren Jianxin, Xingqiang Yang, Wang Dan, Haisu Tao and Zhang Junfang (the last two were also recognized the independence requirements).
The board meeting, which revised the governance of the group, has also redefined the senior management structure. Marco Tronchetti Provera resigned as president and Alberto Pirelli, which remains as a member of the board, by the vice president. Therefore, Ren Jianxin became the new number one and he, in addition to legal representation, will head the powers already provided for by statute. Marco Tronchetti Provera, however, remains CEO and become executive vice president maintaining the operational management of the group of tires.
All this while the market is about to take the final step of the shareholding reorganization of Pirelli. From today until October 27 for members of the group will again be possible to deliver the shares takeover bid of 15 euro promoted last September. The goal, obviously, is to withdraw the company from the list after the bid ended with the 86.98% of the ordinary crop. From this point there are two possible scenarios: If Marco Polo Industrial Holding, a subsidiary of ChemChina (65%) and owned by Camfin (35%) who promoted the tender offer, will reach 90% of the capital will proceed with that which is called residual public tender offer; otherwise, if it is exceeded the 95% will be released immediately and then squeeze out the Bicocca will bid farewell to the stock exchange at an early stage. Anchor, the latter, which has always been one of the key elements of the operation aided by the fact that will proceed with the merger between Marco Polo Industrial Holding and Pirelli and therefore, according to the project currently being studied, with the integration of industrial segment (truck tires) in Aeolus (listed assets of ChemChina). Finally, there will be the return on the stock market and the Pirelli tires upmarket. The agreements signed with the Chinese ChemChina provide listing of the company by the fourth year after the closing of the transaction. In this sense, the CEO, Marco Tronchetti Provera, will have the power to decide when and how to report on the list now, and where quotarla will be a decision that will be taken after consultation with the CEO, who in any case it will be the last word .
“It is an honor for me – said the new president Ren Jianxin – assume the role of chairman of Pirelli, which is and will continue to represent the Italian technological excellence around the world.” For his part, Marco Tronchetti Provera added that the new structure “provides new opportunities for growth and development, given the complementarity in terms of geography and to the synergies that will be realized in the industrial segment.”
Meanwhile, Pirelli launched the new www.pirelli.com, a platform that features stories from yesterday for images, video and text. The project, in the publishing presents an interface from “digital newspaper” with seven stories in “cover” constantly updated: Tires, Racing, Business, People & amp; Environment, Art & amp; Culture. You can get the latest product news, follow the world of Formula One and live major events and, if desired, also enter the Calendar backstage.
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