MILAN, Italy (March 20, 2015) — Pirelli & C. S.p.A. is denying it has held “formal” talks about the sale of the company, as was reported widely since early on March 19 following a report in the Italian news daily Corriere della Sera that Pirelli was working to bring in possible Asian partners or owners.
Pirelli issued its statement at the request of Italian Securities and Exchange Commission (Consob). Pirelli's share price gained about 3 percent in value in trading throughout the day on March 19 in the wake of the report, ending the day at 14.90 Euros ($16.18). The share price has continued to rise in trading today, March 20.
Other news reports that surface throughout the day suggested Yokohama Rubber Co. Ltd. or Chinese firms as possible investors.
Pirelli has not denied holding talks regarding its sale but has rejected making any official move in this regard.
“At the request of Consob, with reference to rumors which have been circulating in the media in recent days,…Pirelli states that as of today it has not received any formal communication about the launch of a mandatory tender offer,” said the tire maker's announcement.
The share price as of mid-day today, March 20, was the high for the year, up 48 percent from the low share price in early January.