Rosneft buys 13 per cent of Pirelli

Russian oil major, Rosneft has bought into Pirelli, taking control of 50 per cent of the holding group controlling Pirelli and a 13 per cent share of the tyre maker itself. The purchase makes the Russian group the largest single shareholder in Pirelli. The deal is being characterised as a solidification of the company’s partnership with Rosneft in Russia, which is seen as a access route to the emerging market for the tyremaker. However, Pirelli’s share price had fallen 2.24 per cent in response to the news (correct at time of publication).