Pirelli likely to cut tyre IPO price 10 pct-source


MILAN, June 29 (Reuters) - Italy's Pirelli is likely to cut the minimum price for the initial public offer of its Pirelli Tyre unit, now set at between 7.4 and 9 euros, by 10 percent, a source close to the situation said. "Given current market conditions, the banks working on the listing have decided to cut the price by about 10 percent," the source told Reuters. "The final decision rests with the company."

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