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Intesa Sanpaolo selling its 1.5 pct Pirelli stake
March 6, 2014 / 5:06 PM / in 4 years

Intesa Sanpaolo selling its 1.5 pct Pirelli stake

MILAN, March 6 (Reuters) - Intesa Sanpaolo has launched a placement of its 1.5 percent stake in tyremaker Pirelli , the Italian bank said on Thursday.

The Pirelli shares held by Intesa Sanpaolo have a market value of 87 million euros at Thursday’s closing price.

The sale of the 7 million Pirelli ordinary shares will be via a bookbuilding process, Intesa Sanpaolo said in a statement, without giving a specific timeframe. (Reporting by Danilo Masoni, editing by Stephen Jewkes)

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