Key Developments: Pirelli & C SpA (PECI.MI)

PECI.MI on Milan Stock Exchange

11.30EUR
10:50am EDT
Price Change (% chg)

€-0.15 (-1.31%)
Prev Close
€11.45
Open
€11.48
Day's High
€11.53
Day's Low
€11.27
Volume
1,546,822
Avg. Vol
2,171,669
52-wk High
€12.99
52-wk Low
€8.89

Search Stocks

Latest Key Developments (Source: Significant Developments)

Pirelli & C SpA approves FY 2013 dividend; authorizes share buyback
Thursday, 12 Jun 2014 11:18am EDT 

Pirelli & C SpA:Approves the distribution of a dividend for FY 2013 of 0.32 euros per ordinary share and 0.39 euros per savings share.The dividend payment date is June 19 (ex-dividend date June 16 and record date June 18).Says Shareholders also approved the authorization for the Board of Directors to buy and dispose of own shares for up to 10 pct of company capital and for a maximum period of 18 months, thus renewing the previous authorization deliberated on May 13, 2013.  Full Article

NK Rosneft' OAO signs memorandum of understanding with Pirelli & C SpA for synthetic rubber production and shipping
Friday, 23 May 2014 08:00pm EDT 

NK Rosneft' OAO:Signs a memorandum of understanding with Pirelli & C SpA in the sphere of synthetic rubber producing and shipping in the city of Nakhodka in the framework of the realization petro-chemical cluster Far East Petrochemical Company (FEPCO).According to this memorandum, Rosneft and Pirelli claimed their intentions on using the petro-chemical cluster FEPCO, which is situated in Nakhodka, for synthetic rubber production.The product will be delivered on Pirelli’s own tire production facilities in South-Pacific region.Above all, Rosneft and Pirelli show intention to develop research, design and experimental projects in this sphere in Nakhodka.  Full Article

NK Rosneft' OAO updates on acquisition of indirect stake in Pirelli & C SpA from consortium of banks including UniCredit SpA, Intesa Sanpaolo SpA
Friday, 23 May 2014 08:00pm EDT 

NK Rosneft' OAO:Says that an agreement was signed that envisages the acquisition from an international consortium of banks including UniCredit SpA, Intesa Sanpaolo SpA, Clessidra fund a 50 percent share in the company, holding a 26.19 percent stake of Pirelli & C SpA.The deal criteria are determined on the basis of 12 euros per share price.The closing of the deal, including the transfer of ownership for the shares and the changes in the BoD of Pirelli & C SpA, will come off upon the approval of regulatory agencies and in accordance with the Italian, European and Russian law.By providing the closing of the deal Rosneft strengthens ties with Pirelli & C. SpA within the already entered engagements and the realization of plans of both companies for the expansion of joint Russian and international projects.  Full Article

Pirelli & C SpA confirms FY 2014 outlook
Wednesday, 7 May 2014 12:28pm EDT 

Pirelli & C SpA:Says, in light of the performance in the first quarter, Pirelli confirms the targets for the FY 2014 as announced in March.Expects consolidated sales of about 6.2 billion euros.Expects EBIT at about 850 million euros after restructuring costs of 50 million euros.FY 2014 revenues at 6,218 mln euros and EBIT at 844.40 mln euros-Thomson Reuters I/B/E/S.  Full Article

Pirelli & C SpA announces European Commission's decision relating to antitrust proceedings in terrestrial high voltage cables and submarine cables
Wednesday, 2 Apr 2014 08:49am EDT 

Pirelli & C SpA:Says the EU Commission's decision relating to antitrust proceedings in terrestrial high voltage cables and submarine cables confirms that Pirelli did not participate in the alleged power cables' cartel.Says the only link between Pirelli and the purported antitrust violation is due to the so called parental liability principle, as Pirelli owned the share capital of Prysmian for part of the alleged cartel period.Says Pirelli will appeal the EU Commission's decision challenging the applicability to it of the parental liability principle.Says, after having completed legal analysis and supported by external legal opinion, Pirelli believes that there are no grounds to charge it with parental liability.Says, as it was not involved in the alleged wrongdoing of its former subsidiary, the ultimate full responsibility for the violation (and for the payment of the fine), if any, will lie only with the company directly involved in the alleged infringement.Says Pirelli expects no financial impact from the EU Commission's decision.  Full Article

Pirelli & C SpA proposes FY 2013 dividend; confirms FY 2014 EBIT guidance; lowers FY 2014 consolidates sales guidance; authorizes issue of bonds to maximum of 1 bln euros
Thursday, 27 Mar 2014 12:45pm EDT 

Pirelli & C SpA:Proposes the distribution for fiscal year 2013 of a dividend of 0.32 euros per share (2012: 0.32 euros) and 0.39 euros per savings share (2012: 0.39 euros).Confirms expectations for fiscal year 2014 consolidated EBIT at around 900 mln euros before restructuring costs.Lowers expectations for fiscal year 2014 consolidates sales at around 6.2 bln euros, from the previous 6.6 bln euros, due to the worsening exchange effect -9 pct/-10 pct (-2 pct/-3 pct indicated in Nov. 2013.Fiscal year 2014 revenues at 6,425 mln euros-Thomson Reuters I/B/E/S.Authorizes with date from May 1 the issue of non-convertible bonds up to a maximum nominal value of 1 billion euros (or equivalent amount in other currencies) to be placed by April 2015, also in multiple tranches, on international markets.  Full Article

NK Rosneft’ OAO agrees acquisition of indirect stake in Pirelli & C SpA with Intesa Sanpaolo SpA, UniCredit SpA and other shareholders-Reuters
Monday, 17 Mar 2014 12:19am EDT 

NK Rosneft' OAO:Rosneft is set to acquire an indirect stake in Pirelli after reaching an outline deal with a group of shareholders in the Italian tyre maker valuing its shares at 12 euros each-Reuters.Rosneft will own 50 percent of a new company which will buy holding company Camfin's stake in Pirelli, Italian bank Intesa Sanpaolo said in a statement.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 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.  Full Article

Pirelli & C SpA to sell 100 percent of steelcord activities to Bekaert
Friday, 28 Feb 2014 02:06am EST 

Pirelli & C SpA:Announces that it signed with Bekaert an agreement for the sale by Pirelli of 100 percent of its steelcord activities to Bekaert for a total consideration (enterprise value) of around 255 million euro.As a part of the sale, the two groups will enter into a long-term supply agreement and a joint product development agreement, to enhance R & D activities.  Full Article

NK Rosneft' OAO, Pirelli & C SpA and Rostec sign MOU for joint research and development of tyre manufacturing materials
Monday, 25 Nov 2013 07:00pm EST 

NK Rosneft' OAO:Says Rosneft, Pirelli & C SpA and Rostec State Corporation signed a memorandum of understanding (MOU) with regard to joint research and development activities.Says the agreement was signed by Igor Sechin, President and Chairman of the Management Board at Rosneft, Marco Tronchetti Provera, President, CEO of Pirelli & C. S.p.A. and Sergei Chemezov, General Director of Rostec State Corporation.Says the companies plan to cooperate for the purpose of research and development in the field of high-tech synthetic rubber and reinforcing materials, which includes carbon nanotubes.  Full Article

Clean Diesel Technologies Inc and Pirelli & C SpA's Subsidiary Agree to Dissolve Joint Venture
Tuesday, 12 Nov 2013 07:45am EST 

Clean Diesel Technologies, Inc announced that it has agreed with Pirelli & C SpA's Pirelli & C. Ambiente SpA to voluntarily dissolve their joint venture, Eco Emission Enterprise Srl (E-Cube) , in accordance with their Joint Venture Agreement dated February 19, 2013. E-Cube was established as a joint venture to market and sell emissions control products for both gasoline and diesel applications in Europe and the CIS countries. The dissolution of E-Cube is expected to be completed as soon as practicable and CDTi plans to resume its operations in Europe in a similar manner as conducted prior to the joint venture.  Full Article

EU mergers and takeovers (July 30)

BRUSSELS, July 30 - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

Search Stocks