Pirelli Chairman Says Sale Proceeds to Go Back Into ‘Core Businesses’

4th May 2007 | 0 Comments
 

(Akron/Tire Review) After months of wrangling and speculation, Pirelli SpA finally sold off its stake in struggling Telecom Italia SpA, vowing to reinvest part of the proceeds into its “core businesses.” In the deal announced Saturday, Pirelli and Benetton units Sintonia SA and Sintonia SpA are selling holding company Olimpia SpA, which owns an 18% share of Telecom Italia, to a group of investors headed by Spain’s Telefonica SA.

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