LONDON - The Russian state oil company Rosneft has agreed to take a 50 percent stake in a reconstituted Camfin, the holding company that owns the Italian tire maker Pirelli.
As part of the deal, Clessidra, the Italian private equity firm, will exit its investment.
The remaining 50 percent stake will be divided between Nuove Partecipazioni, which is owned by the Pirelli chairman Marco Tronchetti Provera, and the Italian banks Unicredit and Intesa Sanpaolo.
The deal in part is designed to build Pirelli’s business in Russia.
“The agreement’s objective is to develop Pirelli’s activities and business, also strengthening its commercial network in Russia thanks to Rosneft’s widespread presence across the territory,†Intesa Sanpaolo said in a statement Monday.
The deal values Pirelli’s shares at 12 euros, or about $16.69, each. The companies didn’t disclose the total price of the transaction.
Day-to-day management of Pirelli following the deal will fall to Mr. Tronchetti Provera, who has headed the company since 2003.
