Oil producer to invest 500 million euros in tyre-maker
(ANSA)
- Rome, March 17 - Russian oil giant Rosneft is set to buy a stake in
Italian tyre-maker Pirelli after reaching a deal with shareholders,
it was announced Monday. Italian bank Intesa Sanpaolo said Russia's
biggest oil producer will buy 50% of a new company that is to acquire
the stake of over 20% currently owned by holding company
Camfin.
Rosneft
is reportedly investing 500 million euros in Pirelli in a deal that
values Pirelli shares at 12 euros each and sees current
private-equity partner Clessidra exiting. The remaining 50% of the
new company will belong to a another company 80% owned by current
Pirelli indirect shareholder Nuove Partecipazioni. Intesa and another
bank, UniCredit, will each own 10%.
Marco
Tronchetti Provera will keep his stake in Pirelli and stay on as
chairman, even though Rosneft are set to become the largest single
investor in the holding that controls the tyremaker.
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