September 12, 2017 / 5:41 PM / a month ago

Pirelli says to exit Mediobanca shareholder pact

MILAN (Reuters) - Tyremaker Pirelli, which is preparing to re-list on the Milan bourse after it was acquired by state-owned China National Chemical, said on Tuesday it would exit a shareholder pact linking key investors in investment bank Mediobanca.

FILE PHOTO: Pirelli tyres on display in paddock area of Russian Grand Prix in Sochi, Russia. REUTERS/Maxim Shemetov/File Photo.

The move means Pirelli, a long-time investor of Mediobanca and once a key player of Italy’s so-called “salotto buono” - a club of investors controlling big companies through a web of cross-shareholdings - will be able to sell its 1.79 percent stake in Mediobanca should it wish to do so.

Mediobanca’s shareholder pact comes up for renewal at the end of this year.

Reporting by Silvia Aloisi and Gianluca Semeraro

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