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Italy's Generali sells entire Pirelli stake
December 23, 2013 / 4:30 PM / 4 years ago

Italy's Generali sells entire Pirelli stake

MILAN, Dec 23 (Reuters) - 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.

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