* Chairman gives first strategy clues since Camfin reshuffle
* Indonesian motorcyle tyre venture could be a model
(Adds chairman's quotes on new investors and former strategic
By Jennifer Clark
VENICE, Italy, June 7 Italian tyre maker Pirelli
is looking for new industrial partnerships that will
enable it to grow more quickly in Asia, Chairman Marco
Tronchetti Provera said on Friday.
His comments offered the first insight into how he plans to
build value for a new group of investors - two banks and a
private equity fund - which joined him this week as shareholders
in Camfin, the holding company that controls Pirelli.
Pirelli, the world's fifth biggest tyre maker, wants to
continue to increase its revenue from more-profitable premium
tyres, as well as upping its market share in high-growth regions
like Asia. It reported sales of about 6 billion euros in 2012,
of which the Asia-Pacific region accounted for 7 percent.
"We're looking at how we can grow the most quickly in Asia,
for example at an industrial partnership along the lines of what
we did in Indonesia," Tronchetti Provera said, referring to an
agreement to make motorcycle tyres with a local partner, Astra
He said no talks were currently under way, and did not put
any figure on his Asian growth target.
This week's deal marked a turning point after lengthy public
wrangling between the chairman and Malacalza Investimenti, the
two largest investors in Camfin, over how to repay debt at the
The new investors - Unicredit, Intesa Sanpaolo
and Clessidra, along with Tronchetti as shareholder and
manager - aim to boost Pirelli's market value from its current
4.5 billion euros ($5.95 billion).
"The two banks invested with a private equity company, on
private equity terms, at a private equity price... in other
words to create value," said Tronchetti Provera, who thanks to
the deal succeeded in cementing his grip as Pirelli's
At the same time, he negotiated the exit of Malacalza
Investimenti, his disgruntled former strategic partner, which
had acquired a stake in Camfin in 2010 and fell out with
Tronchetti last summer.
Malacalza Investimenti said on Wednesday it had acquired a
6.98 percent stake in Pirelli at a price of 7.8 euros per share,
as part of the exit agreement from Camfin.
Asked if he would be able to work in Pirelli with the
Malacalzas despite past disagreements, Tronchetti said he
believed so. "I consider their decision to be a vote of
confidence in our management," he said.
($1 = 0.7564 euros)
(Editing by Francesca Landini and Mark Trevelyan)