Pirelli seeks permission to spin off tyre unit

Milan, Italy - Pirelli tyre SpA has deposited a request with the Borsa Italiana to list on the Milan stock exchange. Pirelli has issued a press release giving details of the listing proposal, but emphasises that the document should be made available only to investment professionals and not to residents of the United States and some other countries. The disclaimer is meant to underline Pirelli's position that it is not offering investment advice in any way shape or form.

The official document says, "The Offering will consist of an Initial Public Offering in Italy and a simultaneous private placement reserved for institutional investors in Italy and abroad. After the Offering, Pirelli Tyre Holding will neverthless retain the majority of shares of Pirelli Tyre SpA."

Contained with in the document is a note that the tyre manufacturer will change its official name to Pirelli Tyre SpA from Pirelli Pneumatici SpA.

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