September 11, 2019 / 12:18 PM / 7 days ago

Pirelli investor Camfin renews authorization to buy up to 5% of tyre-maker

MILAN (Reuters) - Pirelli (PIRC.MI) shareholder Camfin said on Wednesday its board had renewed an authorization to buy up to 5% of the tyre-maker’s shares.

The new authorization, which will expire in April 2020, follows a green-light to purchase up to 2% of Pirelli announced in October last year, Camfin said in a statement.

The board “considered that the present stock market values of Pirelli do not reflect its fundamentals or its growth potential,” Camfin added.

Investment vehicle Camfin, which holds about 10% of Pirelli, and Chinese investors, which jointly own around 45.5% of the group, said in July they had extended until 2023 a shareholder agreement giving them the control of the Italian firm.

Reporting by Giulio Piovaccari; editing by Francesca Landini

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