Pirelli skids to 8-month low after Brembo sells stake

Brembo NV

02/10/2024 08:37

** Shares in Italian tyre maker Pirelli  PIRC.MI  fall 3.5%
to an 8-month low after premium brakes maker Brembo  BRBI.MI 
sells its entire stake of 5.58% in the group
    ** Brembo completed the sale on Wednesday through
accelerated bookbuilding (ABB) for 5.07 euros ($5.61) per share,
a 5% discount from Tuesday's closing price of 5.34 euros
    ** Pirelli's investor Camfin said on Wednesday it bought an
additional 2.5% in the group, without disclosing the price
    ** MTP, the investment company of Executive Vice Chairman
Marco Tronchetti Provera which operates through Camfin,
increased its total stake to 25.28% and approved a further stake
acquisition for up to a total 29.9%
    ** By 0721, Brembo up 3.4%
       
($1 = 0.9038 euros)

 (Reporting by Alessandro Parodi)