Pirelli sells tyre stake to banks, eyes IPO

Newswire

MILAN, July 30 (Reuters) - Italian diversified group Pirelli said it sold a 38.9 percent stake in its tyre unit to a group of banks for 740 million euros ($943.2 million). The banks will form a new company that will hold the stake in Pirelli Tyres, Pirelli said in a statement late on Saturday. Mediobanca , Banca Intesa , Capitalia , Lehman Brothers , and JP Morgan will each own 19 percent of the new holding company, while Gruppo Banca Leonardo will own a 4 percent stake. Within four ...

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