* Pirelli to open 200 outlets at Rosneft stations by 2019
* Firms to cooperate in rubber production in Russia
* Rosneft entity signs binding deal to buy Pirelli stake
(Adds binding deal to sell Pirelli stake to Rosneft entity)
MILAN, May 24 Italian tyremaker Pirelli
has agreed with Rosneft to open more than
200 retail outlets at the Russian oil group's filling stations
and cooperate in synthetic rubber production, Pirelli said in a
statement on Saturday.
Rosneft struck a deal in March that made it Pirelli's
largest shareholder with an indirect stake of 13 percent. In
exchange the Italian company won the chance to exploit the
Russian company's big gas station network to sell tyres.
On Saturday a Rosneft entity inked binding agreements to buy
the Pirelli stake from a group of Italian investors in an
operation that should be completed by the end of June, the
Italian investors said in a separate statement. The Italian
investors include holding company Nuove Partecipazioni, banks
UniCredit and Intesa Sanpaolo, and private
equity fund Clessidra.
Earlier in May, Pirelli said its deal with Rosneft would not
be impacted by Western sanctions on Russia following its
annexation of Ukraine.
Rosneft's head, Igor Sechin, is one of the individuals
subject to sanctions by the United States and the European
Under the terms of the latest cooperation agreement between
the two companies, at least 60 retail outlets selling
Pirelli-branded products will open in 2014 and 2015, and the
remainder by 2019.
The synthetic rubber will be produced in Nakhodka, a coastal
town near Vladivostok in Russia's far east. Pirelli said it was
interested in a long-term supply agreement for the rubber
produced in Nakhodka.
Under the binding shareholding agreements, Long-Term
Investments Luxembourg SA - a company chosen by Rosneft and
controlled by Russian investor Neftgarant - will buy 50 percent
of Pirelli holding company Camfin for 552.7 million euros
The deal is based on a value of 12 euros for each Pirelli
shares and envisages that the investment structure will not
change for five years, according to the statement by the Italian
($1 = 0.7336 Euros)
(Reporting by Danilo Masoni; Editing by Sophie Hares and Lisa