No Plans for Pirelli Tyre IPO – Gobbi
According to Pirelli & C SpA managing director for finance and strategic planning Luciano Gobbi the company has no plans for a separate listing of its Pirelli Tyre unit. These comments were reported by Italian media agency Radiocor, and come from a speech the executive gave in Paris.
“At the moment, the IPO of Pirelli Tyre is not in the programme. We have no evidence of a plan in this direction,” said Gobbi. Recent analyst reports indicate that Pirelli will move to re-acquire the 38.9 per cent Pirelli Tyre stake from Speed, a company set up by six Italian and foreign banks. For this purchase Pirelli will dip into the funds – an estimated 3.3 billion euros – it will receive from selling its stake in Telecom Italia SpA. Gobbi said he expects these funds to arrive between July and October.
In January Tyres & Accessories reported that an IPO of Pirelli Tyre looked likely, based on information that indicated both Speed and Marco Tronchetti Provera were keen to press ahead with plans to list the division.