March 28, 2018 / 5:21 PM / 5 months ago

CORRECTED-Pirelli's Russian shareholder LTI plans to stay after lock-up period ends

(Deletes reference in paragraph 2 of the fund being linked to Rosneft. LTI says it has no links to the Russian energy giant)

MILAN, March 28 (Reuters) - Pirelli’s Russian shareholder Long Term Investments (LTI) will not sell its stake in the Italian tyre company when a lock-up period ends in early April, the fund’s chief executive told Reuters on Wednesday.

LTI holds a stake of 6.2 percent in Pirelli through investment vehicle Marco Polo International Italy which owns around 63 percent of the company.

“In the near future I’m not going to sell anything,” Viacheslav Sheloputov said.

The fund had a 180-day lock-up period on its stake in Pirelli following an initial public offering of the tyre maker last October.

That period was just half the lock-up of other core shareholders, raising speculation it might sell out once it ends.

“I’m definitely going to stay in... the current share price level is quite low, I feel,” Sheloputov said.

Shares in Pirelli, which debuted on the Milan stock market at 6.5 euros each, closed on Wednesday at 7.04 euros.

Marco Polo’s main shareholder is China National Chemical Corporation. Other investors include Pirelli’s Chief Executive Marco Tronchetti Provera and banks UniCredit and Intesa Sanpaolo. (Reporting by Stephen Jewkes; editing by Agnieszka Flak)

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