Intesa Sanpaolo completes sale of its Pirelli stake

MILAN Thu Mar 6, 2014 4:04pm EST

Pirelli tyres are seen at the Formula One racetrack in Monza September 5, 2013. REUTERS/ Max Rossi

Pirelli tyres are seen at the Formula One racetrack in Monza September 5, 2013.

Credit: Reuters/ Max Rossi

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MILAN (Reuters) - Intesa Sanpaolo (ISP.MI) said on Thursday it had completed the sale of its 1.5 percent stake in tiremaker Pirelli (PECI.MI) announced earlier in the day, the Italian bank said on Thursday.

The sale of the 7 million Pirelli ordinary shares was done via a bookbuilding process, at a price of 12.48 euros per share.

The transaction will have a positive contribution to the lender net income of around 55 million euros ($76 million), the bank said.

Banca Imi (ISP.MI), and UBS UBSN.VX acted as joint bookrunners for the offering.

($1 = 0.7225 euros)

(Reporting by Danilo Masoni and Francesca Landini, editing by Stephen Jewkes)

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