UPDATE 2-Pirelli to sell tyre stake as profit rises

Newswire

(Adds investor comment) By Mathias Wildt MILAN, July 27 (Reuters) - Italian diversified group Pirelli said on Thursday it would sell a stake in its tyre unit to a group of banks, as the unit boosted the group's first-half operating profit. Pirelli will sell 39 percent of its tyre business for 740 million euros ($943.2 million) to Mediobanca , Banca Intesa , Capitalia , Gruppo Banca Leonardo, Lehman Brothers , and JP Morgan , Pirelli said. Pirelli and the banks are working out the ...

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