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Italy's Generali sells entire Pirelli stake
December 23, 2013 / 4:35 PM / 4 years ago

Italy's Generali sells entire Pirelli stake

MILAN (Reuters) - Assicurazioni Generali (GASI.MI) has sold its entire 4.8 percent stake in tire maker Pirelli PECI.MI, as the company carries on with asset disposals to focus on its core insurance business.

McLaren Formula One team members inspect Pirelli tires near the pits ahead of the Singapore F1 Grand Prix September 20, 2012. REUTERS/Edgar Su

According to a filing on Monday by Italy’s market watchdog, Generali reduced its stake, worth around 280 million euros ($380 million) at current market prices, to zero on December 16.

    Harbor International Fund (HRINX.O), a fund managed by U.S. investment management firm Northern Cross, bought a 3.9 percent Pirelli stake on the same day, the filing showed.

    Europe’s third-largest insurer by market cap has already raised 2.4 billion euros through asset sales as part of an overhaul to boost profitability.

    ($1 = 0.7315 euros)

    Reporting by Danilo Masoni; Editing by Lisa Jucca

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