Milan, Italy – High-performance braking systems producer Brembo SpA has acquired a minority share interest in fellow Italian company Pirelli & C. SpA.
The 'autonomous' decision to acquire a 2.34% stake in Pirelli was part of a “non-speculative, long-term approach,” the Bergamo, Italy-based Brembo announced 31 March.
The Milan-based tire maker is currently controlled by China's ChemChina and Silk Road Fund, with roughly 45.5% held jointly, and Italy's Camfin, with about 10%.
Brembo said Pirelli’s history, brand, position and innovation-oriented approach made it “an excellent and particularly significant company in its industry."
Pirelli has not commented on Brembo's disclosure. Pirelli chairman Marco Tronchetti Provera told Reuters that Brembo's move is not part of any merger strategy between the companies.