Laxey Partners, the activist shareholder group, has taken control of Spazio Investment, an Aim-listed Italian property company managed by Pirelli, the Italian group.

Laxey last month made an all-cash offer of €4.50 for the ordinary shares in the company, which was later increased to €5.125, valuing Spazio at about €117.6m. The proposal was rejected by the company, which considered that even the revised offer price materially undervalued its shares.