Unicredit or UC (UCG,UNCFF.PK), Intesa Sanpaolo or ISP (ISNPY.PK,IITSF.PK), Clessidra and Nuove Partecipazioni reached an outline agreement with Rosneft (ROSN.L) for an operation which entails, on the one hand, the exit of Unicredit, Intesa Sanpaolo and Clessidra from the existing partnership in Lauro61/Camfin and the simultaneous partial re-investment by Unicredit and Intesa Sanpaolo in a new partnership, via. the constitution of a dedicated vehicle in which Rosneft would have 50% and the final 50% would be held by a newco composed of Nuove Partecipazioni with 80% and Unicredit and Intesa Sanpaolo with 10% each. The new partnership would own the stake in Pirelli today in the possession of Lauro61/Camfin.
The exit of Unicredit, Intesa Sanpaolo and Clessidra would happen at a value of 12 euro per share for the Pirelli interest. The operation's technicalities would be fully defined in the coming days, subject to the approval of the relevant company bodies of the various interested subjects and the eventual authorization of the relevant authoriities.
The deal aims to develop Pirelli's activities and business, also strengthening its commercial network in Russia, thanks to Rosneft's widespread presence throughout the territory.
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