Pirelli sees John Paulson build up 6.046% stake
John Paulson, the investment fund, has built up a stake totaling 6.046% in Pirelli, the listed Italian tyre group, Italian language daily Il Sole 24 Ore reported. The report cited a statement issued by Consob, Italy's securities regulator.
John Paulson is now Pirelli's largest shareholder. At the present share price the stake is worth around EUR 440m, the paper said.
Pirelli is the subject of an upcoming public offer by China Chemical Corporation (ChemChina) that is expected to begin at the end of July. The report noted that Pirelli will be delisted at the end of the public offer.
As previously reported, Camfin, Pirelli's controlling shareholder, has already given its assent to ChemChina taking control.
The original article appeared in print; Page 29
Il Sole 24 Ore