Camfin is working on a maxi-refinancing to equip itself with the ammunition needed to grow further in Pirelli's capital, in which it already holds 26.1 percent.

This was written by Il Messaggero, adding that the three-year refinancing amounts to 650 million for Camfin, Camfin Alternative Assets and Longmarch Italia, a company with governance controlled by Marco Tronchetti Provera.

The new resources will make it possible to optimize the consolidated debt of the three companies, of about 450 million, by lowering its cost and extending its maturity to the end of 2027, and provide the Camfin group with the resources to reach 29.9 percent of Pirelli, the newspaper writes.

The deal is being led by Camfin CEO Giovanni Tronchetti Provera with a pool of banks led by UniCredit and Intesa Sanpaolo (Camfin's own shareholders) along with Banco Bpm, it adds.

(Sabina Suzzi, editing Stefano Bernabei)