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UPDATE 1-Intesa Sanpaolo completes sale of its Pirelli stake
March 6, 2014 / 9:02 PM / 4 years ago

UPDATE 1-Intesa Sanpaolo completes sale of its Pirelli stake

(Updates with final results of the sale)

MILAN, March 6 (Reuters) - Intesa Sanpaolo said on Thursday it had completed the sale of its 1.5 percent stake in tyremaker Pirelli 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, and UBS 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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