September 4, 2017 / 5:56 AM / 3 months ago

Tyremaker Pirelli to offer 40 percent of share capital in upcoming IPO

MILAN, Sept 4 (Reuters) - Italian tyremaker Pirelli said on Monday it had filed a request to place on the market up to 40 percent of its shares in an initial public offering expected to be completed by October.

The world’s fifth-largest tyremaker was delisted from the Milan bourse in 2015 after a mandatory offer launched by Marco Polo, an investment vehicle controlled by China National Chemical and the company’s sole shareholder.

The group said in a statement it had deposited a request to be listed on the Milan stock exchange on Sept. 1 and that it expected to start trading in October.

Following its listing and starting from the approval of its 2018 results, the company expects to pay out 40 percent of its net profit in dividends, the statement added. (Reporting by Giulia Segreti; Editing by Christian Schmollinger)

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