Pirelli Tyre shares on offer from 21 June

Milan, Italy - Pirelli is to begin selling shares in its new subsidiary Pirelli Tyre SpA from 21 June. The initial public offering will comprise at least 22.5 million shares, or 25 percent of the maximum 90 million shares, which in turn represents 35.04 of the company's total share capital. Institutional investors will have access to a maximum of 75 percent of the initial 90 million shares on offer in Italy and internationally.

Pirelli said sales will begin at 09:00 on 21 June and continue until 16:30 on 30 June.

Pirelli has said the indicative price on the new shares is €7.40 to €9.00 per share, which values the company at around €2000 million, and should generate betweem €666 million and €810 million in cash for the company.

The Italian-language Prospectus will be available to the public in the investor relations section of Pirelli's website (see below) and at Pirelli Tyre SpA's legal headquarters and Borsa Italiana SpA, as well as through the intermediaries handling the placement.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

AFX via Forbes (Italy) story