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Prelios investor says stake is not strategic
September 7, 2013 / 10:21 AM / 4 years ago

Prelios investor says stake is not strategic

CERNOBBIO, Sept 7 (Reuters) - An investment in Prelios is not strategic for Italian tyremaker Pirelli which could decide to sell its stake in the property firm, Pirelli Chairman Marco Tronchetti Provera told Reuters on Saturday.

“We will respect the agreement with the other shareholders (in Prelios),” he said in an interview on the sidelines of a business conference in Cernobbio, Italy. “We could exit in the future.”

Italian property firm Prelios completed at the end of August a recapitalisation that turned Pirelli and Italy’s two largest banks UniCredit and Intesa Sanpaolo into leading shareholders.

After the recapitalisation Pirelli owns 13 percent of Prelios when considering only shares with voting rights. (Reporting by Paola Arosio and Lisa Jucca, writing by Francesca Landini)

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