November 2, 2017 / 9:08 PM / 9 months ago

UPDATE 1-Pirelli's Marco Polo to hold 63 pct of tyremaker after greenshoe option

(Adds details and background)

MILAN, Nov 2 (Reuters) - Italy’s Pirelli said on Thursday that JP Morgan had partially exercised a greenshoe option, leaving majority stakeholder Marco Polo with 63 percent of the tyremaker.

The maker of tyres for Formula One racing teams and premium automakers returned in October to the Milan bourse, two years after it was taken over by China National Chemical Corp (ChemChina) in a listing valuing the company at 6.5 billion euros ($7.6 billion).

Pirelli said in a statement that, including the greenshoe option, the group raised approximately 2.4 billion euros in its initial public offering (IPO), out of a potential 2.6 billion euros. The total amount raised depended on how much of the option was taken up.

The statement added that 1.9 percent of shares were bought in the greenshoe option out of an available 5 percent, for a total of 122.9 million euros. The settlement is due on Nov. 7.

Pirelli was de-listed in 2015 after ChemChina took a 65 percent stake in Marco Polo, the holding company controlling the tyremaker.

The statement did not say how much the different investors in Marco Polo held after the option was exercised.

However, according to details on the IPO prospectus, if 40 percent of Pirelli shares had been sold, the Chinese would have reduced their stake in Marco Polo to 45 percent plus 1 share.

Chief Executive Tronchetti Provera and banks UniCredit and Intesa Sanpaolo would have retained around 10 percent of Pirelli, while investment fund LTI, linked to Russia’s Rosneft, would keep 5 percent.

After the operation on Thursday only 37 percent of the Pirelli capital was sold, leaving the single investors in Marco Polo holding stakes just over those cited above.

$1 = 0.8576 euros Reporting by Giulia Segreti; Editing by Gavin Jones and Susan Fenton

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