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Pirelli denies receiving any proposal from potential buyers
January 29, 2014 / 5:45 PM / 4 years ago

Pirelli denies receiving any proposal from potential buyers

MILAN (Reuters) - The head of Pirelli PECI.MI said on Wednesday he had received no proposal regarding a possible sale of the Italian tyremaker.

Pirelli president Marco Tronchetti Provera smiles in the paddock after the third practice session of the Italian F1 Grand Prix at the Monza circuit September 8, 2012 file photo. REUTERS/Giorgio Perottino

“No proposal arrived to the undersigned and I did not make any proposal to the Pirelli board,” Pirelli’s Chairman and CEO Marco Tronchetti Provera said in a statement.

FT Alphaville on Wednesday cited informed sources as saying the private equity arm of Goldman Sachs (GS.N) and Tronchetti Provera were looking to unpick Pirelli’s complex ownership structure with a view to taking the company private.

The report said Goldman had previously made an offer to buy Pirelli, backed by Russian oil group Rosneft (ROSN.MM), but added that approach had fallen through.

“Sources say talks could resume in the coming weeks as Tronchetti attempts one final deal,” the report said.

“It’s pure fantasy. Whoever circulated it is responsible to the market and the authorities,” Tronchetti Provera said.

Pirelli shares ended the session up 7 percent at 12.93 euros.

Reporting by Stephen Jewkes; editing by Francesca Landini

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