MILAN Dec 23 Assicurazioni Generali
has sold its entire 4.8 percnet stake in tyre maker Pirelli
, as the company carries on with asset disposals to
focus on its core insurance business.
According to a filing on Monday by Italy's market watchdog,
Generali reduced its stake, worth around 280 million euros ($380
million) at current market prices, to zero on Dec. 16.
Harbor International Fund, a fund managed by U.S.
investment management firm Northern Cross, bought a 3.9 percent
Pirelli stake on the same day, the filing showed.
Europe's third-largest insurer by market cap has already
raised 2.4 billion euros through asset sales as part of an
overhaul to boost profitability.