Italy's Consob raises Camfin bid price
MILAN (Reuters) - Italy's market watchdog Consob said on Wednesday it had raised the price bidders were making for Camfin CAMI.MI, the holding company that controls tiremaker Pirelli (PECI.MI).
In a statement, Consob said it had redetermined the price of the bid, raising it to 0.83 euros from 0.80 euros.
Consob also said the bid offer, due to end on September 27, would be reopened for five days from October 7 to October 11.
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.
In the statement Consob said it had uncovered collusion between Malacalza Investimenti and Lauro 61 aimed at ensuring favorable treatment for Malacalza compared to the other shareholders.
(Reporting by Stephen Jewkes)
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