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Russia's Rosneft to take up stake in Pirelli

Oil producer to invest 500 million euros in tyre-maker

17 March, 11:36
Russia's Rosneft to take up stake in Pirelli (ANSA) - Rome, March 17 - Russian oil giant Rosneft is set to buy a stake in Italian tyre-maker Pirelli after reaching a deal with shareholders, it was announced Monday. Italian bank Intesa Sanpaolo said Russia's biggest oil producer will buy 50% of a new company that is to acquire the stake of over 20% currently owned by holding company Camfin.

Rosneft is reportedly investing 500 million euros in Pirelli in a deal that values Pirelli shares at 12 euros each and sees current private-equity partner Clessidra exiting. The remaining 50% of the new company will belong to a another company 80% owned by current Pirelli indirect shareholder Nuove Partecipazioni. Intesa and another bank, UniCredit, will each own 10%.

Marco Tronchetti Provera will keep his stake in Pirelli and stay on as chairman, even though Rosneft are set to become the largest single investor in the holding that controls the tyremaker.