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China’s Silk Road to Sell Its Full Stake in Tiremaker Pirelli

Posted on AllSides May 29th, 2024
From The Left

China’s state-backed Silk Road Fund Co. is selling its stake in Italian tiremaker Pirelli & C. SpA valued at around €512 million ($553 million), after Rome last year moved to limit the investor’s influence over the firm citing national security concerns.

Silk Road said Wednesday it will sell its 9% holding through an offering of 90 million shares with price guidance of €5.69 per share, according to deal terms. That pricing represents an 8.08% discount to Pirelli’s last close.

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