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Pirelli Submits Official Request for Tire Unit IPO

(Akron/Tire Review) Pirelli SpA has submitted an official request to the Milan stock exchange for permission to list its tire unit in an initial public offering.

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According to media reports out of Milan, the company provided no timetable or monetary value for the planned IPO, which will be known as Pirelli Tyre SpA.

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According to Dow Jones Newswires, Pirelli will float a 40% stake of its tire unit, which is valued at about $3.6 billion, including debt. Other sources state that the sale of the tire unit shares is aimed at raising funds that will help the company keep indirect control of Italy’s largest telecom operator, Telecom Italia SpA. In addition, Pirelli plans to sell 400 million euros of “unspecified financial assets” by the end of the year. It sold its cables and systems units to Goldman Sachs Capital Partners for 1.2 billion euros last June.

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