Rosneft completes 13% purchase of Pirelli

Rosneft has completed its purchase of a 13 per cent stake Pirelli to Rosneft, following Italian anti-monopolies approval multiple news sources are reporting.

According to the reports, Rosneft bought its share through banks including UniCredit, Intesa Sanpaolo and the Clessidra fund for 500 million euros ($670 million) and agreed to take on 250 million euros of Pirelli’s debt obligations, the Vesti Finance news agency reported.

Rosneft chief Igor Sechin, who was memorably blacklisted by the US when geopolitical tensions rose in Ukraine recently will become a member of Pirelli’s board.

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