Key Developments: Pirelli & C SpA (PECI.MI)

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Latest Key Developments (Source: Significant Developments)

Pirelli & C SpA announces European Commission's decision relating to antitrust proceedings in terrestrial high voltage cables and submarine cables
Wednesday, 2 Apr 2014 08:49am EDT 

Pirelli & C SpA:Says the EU Commission's decision relating to antitrust proceedings in terrestrial high voltage cables and submarine cables confirms that Pirelli did not participate in the alleged power cables' cartel.Says the only link between Pirelli and the purported antitrust violation is due to the so called parental liability principle, as Pirelli owned the share capital of Prysmian for part of the alleged cartel period.Says Pirelli will appeal the EU Commission's decision challenging the applicability to it of the parental liability principle.Says, after having completed legal analysis and supported by external legal opinion, Pirelli believes that there are no grounds to charge it with parental liability.Says, as it was not involved in the alleged wrongdoing of its former subsidiary, the ultimate full responsibility for the violation (and for the payment of the fine), if any, will lie only with the company directly involved in the alleged infringement.Says Pirelli expects no financial impact from the EU Commission's decision.  Full Article

Pirelli & C SpA proposes FY 2013 dividend; confirms FY 2014 EBIT guidance; lowers FY 2014 consolidates sales guidance; authorizes issue of bonds to maximum of 1 bln euros
Thursday, 27 Mar 2014 12:45pm EDT 

Pirelli & C SpA:Proposes the distribution for fiscal year 2013 of a dividend of 0.32 euros per share (2012: 0.32 euros) and 0.39 euros per savings share (2012: 0.39 euros).Confirms expectations for fiscal year 2014 consolidated EBIT at around 900 mln euros before restructuring costs.Lowers expectations for fiscal year 2014 consolidates sales at around 6.2 bln euros, from the previous 6.6 bln euros, due to the worsening exchange effect -9 pct/-10 pct (-2 pct/-3 pct indicated in Nov. 2013.Fiscal year 2014 revenues at 6,425 mln euros-Thomson Reuters I/B/E/S.Authorizes with date from May 1 the issue of non-convertible bonds up to a maximum nominal value of 1 billion euros (or equivalent amount in other currencies) to be placed by April 2015, also in multiple tranches, on international markets.  Full Article

NK Rosneft’ OAO agrees acquisition of indirect stake in Pirelli & C SpA with Intesa Sanpaolo SpA, UniCredit SpA and other shareholders-Reuters
Monday, 17 Mar 2014 12:19am EDT 

NK Rosneft' OAO:Rosneft is set to acquire an indirect stake in Pirelli after reaching an outline deal with a group of shareholders in the Italian tyre maker valuing its shares at 12 euros each-Reuters.Rosneft will own 50 percent of a new company which will buy holding company Camfin's stake in Pirelli, Italian bank Intesa Sanpaolo said in a statement.Camfin currently owns 20.3 percent of Pirelli according to the website of market regulator Consob.The other 50 percent of the new company will belong to a company 80-percent owned by current Pirelli indirect shareholder Nuove Partecipazioni.Italian banks Intesa and UniCredit will each own 10 percent of the new company.As part of the deal Italian private equity firm Clessidra will sell its stake in Pirelli, the statement said.  Full Article

Pirelli & C SpA to sell 100 percent of steelcord activities to Bekaert
Friday, 28 Feb 2014 02:06am EST 

Pirelli & C SpA:Announces that it signed with Bekaert an agreement for the sale by Pirelli of 100 percent of its steelcord activities to Bekaert for a total consideration (enterprise value) of around 255 million euro.As a part of the sale, the two groups will enter into a long-term supply agreement and a joint product development agreement, to enhance R & D activities.  Full Article

NK Rosneft' OAO, Pirelli & C SpA and Rostec sign MOU for joint research and development of tyre manufacturing materials
Monday, 25 Nov 2013 07:00pm EST 

NK Rosneft' OAO:Says Rosneft, Pirelli & C SpA and Rostec State Corporation signed a memorandum of understanding (MOU) with regard to joint research and development activities.Says the agreement was signed by Igor Sechin, President and Chairman of the Management Board at Rosneft, Marco Tronchetti Provera, President, CEO of Pirelli & C. S.p.A. and Sergei Chemezov, General Director of Rostec State Corporation.Says the companies plan to cooperate for the purpose of research and development in the field of high-tech synthetic rubber and reinforcing materials, which includes carbon nanotubes.  Full Article

Clean Diesel Technologies Inc and Pirelli & C SpA's Subsidiary Agree to Dissolve Joint Venture
Tuesday, 12 Nov 2013 07:45am EST 

Clean Diesel Technologies, Inc announced that it has agreed with Pirelli & C SpA's Pirelli & C. Ambiente SpA to voluntarily dissolve their joint venture, Eco Emission Enterprise Srl (E-Cube) , in accordance with their Joint Venture Agreement dated February 19, 2013. E-Cube was established as a joint venture to market and sell emissions control products for both gasoline and diesel applications in Europe and the CIS countries. The dissolution of E-Cube is expected to be completed as soon as practicable and CDTi plans to resume its operations in Europe in a similar manner as conducted prior to the joint venture.  Full Article

NK Rosneft' OAO and Pirelli & C SpA Reinforce Commercial Agreement; to Open Retail Outlets in Nine Regions in Russia
Monday, 2 Sep 2013 08:00pm EDT 

NK Rosneft' OAO (Rosneft) announced that on September 3, Rosneft President and Chairman of the Management Board Mr. Igor Sechin held a working meeting with Pirelli & C SpA (Pirelli) Chairman and Managing Director Mr. Marco Tronchetti Provera. As part of the meeting the parties discussed the protocol of understanding signed in April 2013 and the progress of its performance. According to the protocol of understanding, the first Pirelli’s flagship store branded PZero Platinum will be opened in Q4 2013 within Rosneft’s flagship filling station in Sochi, Krasnodar Region. The construction is expected to be completed by the end of Q3 2013. The companies continue to work on the plan to open other Pirelli retail outlets at Rosneft’s chain of filling stations. As part of these efforts, the parties made up a preliminary list of prospective facilities that should accommodate tire centers, which as expected will be located in 9 Russian regions: Moscow city, Moscow region, St Petersburg, Saratov, Rostov region, Krasnodar Territory, Volgograd, Samara and Voronezh. The parties also consider implementation of their joint marketing program Safe Road with Rosneft and Pirelli. During the program, Rosneft clients will be able to take a mini check-up of their tires, receive a check-up report, recommendations and a discount for new Pirelli tires at Rosneft’s selected filling stations. The parties also discussed far-reaching possibilities for cooperation and business development.  Full Article

Prelios SpA Announces Share Capital Increase Completion; Subscription Through Guarantee Commitments by Lenders Pirelli & C SpA, Intesa Sanpaolo SpA and UniCredit SpA
Tuesday, 20 Aug 2013 01:20pm EDT 

Prelios SpA announced that the divisible capital increase against payment, resolved upon by the Extraordinary Shareholders’ Meeting of May 8, 2013, has been completed. Following to the offer on the Stock Exchange of the option rights that remained unexercised after the offer period (the Rights), during which the total of n. 51,503,830 Rights have been sold, valid for the subscription of n. 118,458,809 Shares, n. 1,563,011 Shares (equal to 0.81% of the newly issued ordinary shares) for a total value of EUR 930,460.45 have been subscribed within the envisaged term. Considering the shares already subscribed upon rights issue, n. 76,300,085 Shares have been subscribed in total, equal to 39.49% of the newly issued ordinary shares, for a total of EUR 45,421,440.60. By fulfilling the guarantee commitments undertaken, the lenders of Prelios (Pirelli & C SpA and the lending banks, including Intesa Sanpaolo SpA and UniCredit SpA) shall subscribe, through the pro rata conversion of the respective receivables claimed from the Company, n. 116,895,802 Shares, for a total value of EUR 69,588,070.93. Following the above, the Capital Increase with Option Rights will be then subscribed for the envisaged total value of EUR 115,009,511.53. Fenice Srl also fully subscribed a reserved capital increase to the same for about EUR 70 million. The overall transaction ensures to the Company a cash capital increase equal to about EUR 115 million of new financial resources.  Full Article

Pirelli & C SpA Confirms FY 2013 Revenues and EBIT Guidance
Monday, 5 Aug 2013 12:00pm EDT 

Pirelli & C SpA announced it has confirmed the Company's revenues and EBIT guidance for fiscal year 2013, by taking the macro-economic context and market dynamics into account, re-modulating some development drivers. The Company expects to report for fiscal year 2013 revenues between EUR 6.3 billion and EUR 6.35 billion and a consolidated EBIT equal to approximately EUR 810 million, in line with the base of the previous range.  Full Article

Pirelli & C SpA Updates on Capital Increase Operation of Rizzoli Corriere Della Sera Mediagroup SpA
Thursday, 4 Jul 2013 12:12pm EDT 

Pirelli & C SpA announced that, with reference to the Rizzoli Corriere Della Sera Mediagroup SpA (RCS) capital increase at present under way and following the announcement to the market made on June 21, 2013, it has exercised a total of 5,757,493 option rights attached to shares bound to the RCS Shareholder Lock-up and Consultation Agreement (the Agreement) and sold on the market 105,696 option rights attached to the remaining RCS shares held but not bound to the Agreement. In the event that the RCS capital increase is fully subscribed, the percentage of RCS ordinary shares held by Pirelli & C SpA, calculated against the fully diluted ordinary capital of RCS post increase, would be about 5.3%.  Full Article


Pirelli to own 29 percent of Prelios after bond conversion

MILAN - Pirelli said on Wednesday it would increase its stake in Italian real estate company Prelios following the conversion of a bond underwritten by the tire maker.

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