Russia's Rosneft to acquire stake in Italy's Pirelli

MILAN Mon Mar 17, 2014 4:51am EDT

The company logo of Rosneft is seen outside a service station in Moscow November 12, 2013. REUTERS/Maxim Shemetov

The company logo of Rosneft is seen outside a service station in Moscow November 12, 2013.

Credit: Reuters/Maxim Shemetov

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MILAN (Reuters) - Russia's top oil producer Rosneft (ROSN.MM) is set to acquire an indirect stake in Pirelli (PECI.MI) after reaching an outline deal with a group of shareholders in the Italian tyre maker valuing its shares at 12 euros each.

Rosneft will own 50 percent of a new company which will buy holding company Camfin's stake in Pirelli, Italian bank Intesa Sanpaolo (ISP.MI) said in a statement on Monday.

Camfin currently owns 20.3 percent of Pirelli according to the website of market regulator Consob.

The other 50 percent of the new company will belong to a company 80-percent owned by current Pirelli indirect shareholder Nuove Partecipazioni. Italian banks Intesa and UniCredit (CRDI.MI) will each own 10 percent of the new company.

As part of the deal Italian private equity firm Clessidra will sell its stake in Pirelli, the statement said.

Shares in Pirelli ended at a reference closing price of 12.04 euros a share on Friday.

(Reporting by Valentina Za; editing by Agnieszka Flak)

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