Pirelli shareholder asks co to focus on tyres, property ops - report |
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Sun, 21 Oct 2007 15:03
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MILAN (Thomson Financial) - The investment fund Centaurus Capital has sent a letter to Pirelli & C SpA asking the group to focus on tyres and property assets, the daily La Repubblica said on Saturday without giving a source.The fund is pushing for Pirelli to repurchase a 39 pct stake in the tyre business it sold last year to a group of banks. The stake could cost 1.2-1.4 bln eur compared to the 740 mln eur it was sold for, the daily said.Centaurus has a 3.2 pct stake in Pirelli according to bourse filings with the market regulator Consob. Another active fund, Amber Capital, has a 2.1 pct stake in the company.Pirelli is expected to book in the coming weeks 3.3 bln eur from the sale of an 18 pct stake in Telecom Italia SpA to a group of investors including Telefonica SA.There has been speculation that Pirelli could distribute about 1 bln eur of the proceeds in dividends. However, Centaurus is against any excessive distribution of resources to shareholders, the newspaper said without elaborating.philip.webster@thomson.compw/jagCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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UniCredit ready to sell stakes in RCS, Pirelli 