UPDATE 1-Camfin bidder says no reason to change buyout price
(Adds background, comment from source close to Consob)
MILAN, Sept 4 (Reuters) - An investigation by Italian regulator Consob into Lauro 61's bid to buy out shareholders in Pirelli holding company Camfin is no reason to change the offer price, the investment vehicle said on Wednesday.
Lauro 61, led by Pirelli Chairman Marco Tronchetti Provera, has offered 0.80 euros per share to buy out investors in Camfin after acquiring a 12.4 percent stake in the company at the same price from Malacalza Investimenti.
That deal brought to an end years of legal wrangling between Malacalza and Tronchetti Provera, who had been at loggerheads over management issues at the group.
As a result Lauro 61 came to own 61 percent of Camfin and, under Italian rules, had to offer to buy the remaining shares. The investment vehicle is looking to delist the company once it gains full control and possibly merge with it.
Malacalza, owned by a Genoa-based family of steel-trading moguls, separately bought a 6.98 percent stake in Pirelli from insurers Allianz and Fondiaria-SAI.
Italian daily la Repubblica reported on Wednesday that market watchdog Consob was investigating whether the price of the Camfin bid had been affected by the sale of the Pirelli stake and was lower than it should have been.
A source close to Consob told Reuters on Wednesday that the regulator had not formally challenged the price of the bid so far and that checks were ongoing.
Lauro 61 said it had answered a request by the regulator for further details and that there was no reason to modify the price of the buyout bid.
"The purchase of Camfin shares by Lauro 61 and the purchase of Pirelli shares by Malacalza Investimenti are two totally independent operations," the investment vehicle said in a statement.
Shares in Camfin, which holds 26 percent of Pirelli, were up by 1.9 percent to 0.81 euros at 1001 GMT, against a 1.8 percent fall for Italy's all-share index.
Lauro 61 is owned by Tronchetti Provera, private equity firm Clessidra and banks UniCredit and Intesa Sanpaolo .
Lauro 61 said that Consob had also asked UniCredit and Tronchetti Provera's holding company MTP to provide further details. (Reporting by Valentina Za; Editing by Stephen Jewkes and David Goodman)
- White House reverses, says Obama met uncle and lived with him during law school
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- South Africans, some fearful, wake to life without Mandela |
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- UPDATE 4-Hurricane-force winds wreak havoc in Britain, head to Europe