Pirelli Announces IPO Date, Sells Inter Milan Shares

The Board of Directors of Pirelli & C. S.p.A has announced it will begin its initial public offering for Pirelli Tyre S.p.A on 21 June. Pirelli Tyre S.p.A. gained Borsa Italiana approval for the listing on 12 June 2006. Banca Caboto, Capitalia, Goldman Sachs International, J.P. Morgan Securities, Mediobanca, Merrill Lynch International and Morgan Stanley, will act as Global Coordinators for the Global Offering.

At the same time the company announced that it has sold the majority of its stake in 19.46 per cent stake in FC Internazionale, otherwise known as Inter Milan. Pirelli & C. sold 15.26 per cent of F.C. Internazionale SpA the team’s majority shareholder for 13.5 million euros. According to an official statement the move is part of the company’s programme of measures focussing on its core business.

Pirelli & C. SpA will remain, however, a shareholder of F.C. Internazionale with a 4.2 per cent stake. The company intends to continue its relationship as sponsor of F.C Internazionale SpA and says it will also “consider any new opportunities for cooperation, given the significant benefits that the partnership has given the Pirelli brand in these years.”