Italy's Malacalza buys 7 percent of Pirelli

ERJ staff report (BC)

Milan – Italy's Malacalza Investimenti said on Wednesday it had acquired a 6.98 percent stake in tire maker Pirelli at a price of €7.8 per share, reports Danilo Masoni of Reuters.

In a statement, the company, owned by the eponymous family, said it had bought the stake from investors in Pirelli's shareholder pact.

It said it had sold its stakes in two Pirelli interlocking holding companies, GPI SpA (30.94 percent) and Camfin (12.37 percent), for €160m ($209 million).

The stake in Camfin was sold at 0.80 euros per share.

In other reports, Vittorio Malacalza is said to have fallen out with Pirelli chairman Tronchetti Provera last year because he disagreed with the way Camfin went about refinancing its debt.