Marco Tronchetti Provera has consolidated his influence over Pirelli, with investment vehicles under his control reaching a 29.9% stake in the Italian tyre manufacturer — just below the threshold that would trigger a mandatory takeover bid. A filing confirmed that Camfin Alternative Assets, a unit of Camfin holding company, acquired an additional 3.34% stake from a major banking institution, completing a share purchase programme authorized in October 2024 for a 24-month period.
The buyer group — Marco Tronchetti Provera & C., Camfin, Camfin Alternative Assets, and Longmarch Holding — stated the operation reinforces their role as stable shareholders and their commitment to Pirelli’s industrial strategy. Since the authorization occurred in October 2024, the acquisition was concluded in line with the planned timeline, likely in late 2026.
The final figure of 29.9% is deliberate: under Italian takeover rules, crossing the 30% threshold triggers a mandatory bid for all remaining shares. By stopping just short, Tronchetti Provera avoids the financial and regulatory burden of a full public offer while securing decisive influence.
This shift further widens the gap between the Italian-led bloc and other major shareholders, including Sinochem, whose stake has diminished in recent years as Italy exercised its Golden Power provisions to limit foreign control over strategic assets.
While the shareholder statement emphasized support for Pirelli’s long-term industrial goals, including its €1 billion investment in a plant in Rome, Georgia, and development of Cyber Tyre sensor technology, these details were not part of the original disclosure and are provided here as background context on the company’s broader strategy. The governance change does not alter daily operations but clarifies that Pirelli’s strategic direction remains anchored by an Italian shareholder pact — preserving national control over the country’s oldest tyre manufacturer.
