2007-11-29
Tronchetti Provera made the statement earlier today in Shanghai, where Pirelli launched its 2008 Pirelli Calendar.
Pirelli sold the 39% stake in Pirelli Tyre to a group of banks in July 2006 for EUR740 million. The original plan was to take that share public with an IPO.
"We are very confident that there will be an agreement," Tronchetti Provera told media in Shanghai, but he added that negotiations could take months.
Pirelli Negotiating Share Buyback
Company chairman Marco Tronchetti Provera confirmed that Pirelli SpA is in talks to repurchase a 39% stake in its tire unit.
Tronchetti Provera made the statement earlier today in Shanghai, where Pirelli launched its 2008 Pirelli Calendar.
Pirelli sold the 39% stake in Pirelli Tyre to a group of banks in July 2006 for EUR740 million. The original plan was to take that share public with an IPO.
"We are very confident that there will be an agreement," Tronchetti Provera told media in Shanghai, but he added that negotiations could take months.
Source: www.tirereview.com
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