Adds shareholding, background in pars 3,4
ROME, Dec 12 (Reuters) - Camfin, the family vehicle of Pirelli's PIRC.MI executive vice chairman Marco Tronchetti Provera, is planning to increase its stake in the tyremaker to 29.9% from 26.1%, Italian daily Il Messaggero reported on Thursday.
To fund the operation and to cut the cost of its debt, Camfin is working to obtain 650 million euros ($682.96 million) in financing from a pool of banks led by UniCredit and Intesa Sanpaolo and including Banco BPM, the newspaper said.
Camfin is Pirelli's second-largest shareholder behind China's Sinochem 600500.SS which holds a 37% stake. The Chinese group's influence in the company has been curbed by measures taken by the Italian government. Tronchetti Provera has been in charge of Pirelli since 1992.
Last month a senior government official said Italy was checking whether the presence of Sinochem executives on Pirelli's board was in breach of measures Rome imposed to protect the tyremaker's autonomy.
($1 = 0.9517 euros)
(Reporting by Stefano Bernabei, Writing by Alvise Armellini, editing by Giulia Segreti)
((alvise.armellini@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.