ITALY - Private equity consortium to buy stake in Pirelli Tyre

The consortium includes JP Morgan, Lehman Brothers, Banca Intesa, Capitalia and Mediobanca. The group will buy the shareholding for EUR 7.4 per share. That is the same minimum price originally set in the failed IPO of Pirelli, scheduled for last month. Following the transaction, the banks will be also be allowed to relaunch the initial public offering at any time over the next four years. The shareholders will also receive a dividend worth 65% of Pirelli Tyre’s profits and will influence any strategic decisions taken at the company.

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• Topics
• Buyouts
• Southern Europe