FX.co ★ Rosneft set to acquire indirect stake in Pirelli

The managing board of the largest Russian energy company Rosneft, talking to journalists, unveiled its great plans for the future. The Board of Directors decided to increase its asset holdings by buying a 26.19% stake in the leading tyre manufactuer Pirelli. Under the terms of the preliminary agreement, Rosneft would buy out Italian private-equity firm Clessidra SGR SpA and take over part of the indirect stakes held by Italy's two largest banks, UniCredit SpA and Intesa Sanpaolo SpA. Russia's energy giant has already reached an outline deal with a group of shareholders valuing the tyre maker's shares at 12 euros each. “The final agreement will be signed in observance of the Italian, European, and Russian laws”, Rosneft said in a statement. The Russian company will invest €500 million to control 13% of Pirelli. Also, the fuel producer will acquire a debt of one of Pirelli's divisions Camfin in the amount of €250 million. Rosneft said the deal would “strengthen relations with Pirelli” and open the way to future joint projects under the 2012 agreement on development of cooperation in trade and marketing. Even then, the two companies planned to run joint marketing projects and sell products made by Pirelli at Rosneft’s chain of filling stations. “We are glad to develop partnership with Pirelli, one of the world's leading tyre makers, and sell its products through Rosneft's retail chain. In our opinion, it will raise the attractiveness of our gas stations among the Russian customers, increasing consumption of our Italian partner's products”, said Rosneft President and Chairman Igor Sechin.