Following an Italian newspaper report that Pirelli & C SpA may be taken over by new investors, the tiremaker’s stock jumped to a 12-year high, according to Bloomberg and Reuters.
Italian paper Corriere della Sera is reporting that Pirelli may be reorganized with new shareholders and then removed from trading. The paper also speculates that Pirelli Chairman Marco Tronchetti Provera may participate in the reshuffle and that potential investors include Yokohama Rubber Co. in Japan and Zhongce Rubber Co. in China, according to the daily.
Tire Review has reached out to Pirelli representatives for comment on the reports.