January 14, 2013 / 2:00 PM / 5 years ago

Generali open to stay in Pirelli pact one more year

MILAN, Jan 14 (Reuters) - Italian insurer Assicurazioni Generali is open to stay in the shareholder pact of tyremaker Pirelli for one more year if its duration is reduced.

“We are willing to stay one more year. If the pact is shortened to one year, this is good, otherwise we will exit,” Chief Executive Mario Greco told reporters during an Investor Day in London.

Generali has a stake of 4.41 percent in Pirelli. Investors must say by the end of Tuesday if they want to renew the pact.

Greco also said Generali was not in talks with Russian bank VTB, in which it holds a small stake, for an insurance distribution deal.

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