Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • News
    • OPINION
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • Humanitarian Award
    • RETAIL TIRES
    • SERVICE ZONE
    • TIRE MAKERS
    • Best Places to Work
    • RUSSIA WAR IN UKRAINE
  • Aligning with ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
October 04, 2017 02:00 AM

Pirelli completes global offering of shares

Rubber & Plastics News
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    MILAN — Marco Polo International Italy S.p.A. and Pirelli & C. S.p.A. have completed their global offering of Pirelli shares aimed at listing them on the Mercato Telematico Azionario stock exchange.

    Upon completion of the global offering, Pirelli said the capitalization of the firm, calculated on the base offer price, will be about $7.64 billion. Pirelli also will hold about 650 million shares, equal to 65 percent of the total share capital.

    The firm said in a Oct. 3 news release that the global offering ended on Sept. 28 and received applications for an aggregate of about 824.3 million shares.

    About 400 million shares were allocated at about $7.64 per share. Of those shares, about 350 million were derived from those offered by the selling shareholder and about 50 million from the exercise of the over-allotment option granted by the selling shareholder in the context of the institutional offering.

    The first day of trading on the Mercato Telematico Azionario was Oct. 4.

    Within the institutional offering, Pirelli said applications were received for about 775.3 million shares from qualified investors in Italy and institutional investors abroad.

    Within the Italian public offering, applications were received for about 48.9 million shares from retail investors.

    Pirelli said the aggregate demand of 824.3 million shares has been equal to about 2.35 times the maximum amount of the global offering.

    The move is the latest in China National Chemical Corp.'s restructuring of Pirelli in light of its 2015 acquisition.

    he firm utilized Marco Polo International as an investment vehicle designed to facilitate the acquisition. The company holds a 65 percent stake in Marco Polo with Cam Finanziaria S.p.A. holding 22.4 percent and Long Term Investment at 12.6 percent, according to Pirelli.

    ChemChina also combined Pirelli's truck and farm tire assets with its own Aeolus subsidiary to form Prometeon Tyre Group S.r.l., which is estimated to have sales of about $3 billion.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Michelin worker dies at Nova Scotia tire plant
    2
    Judge slashes damages in Toyo-Atturo 'trade-dress' lawsuit
    3
    Yokohama to raise U.S. prices on car, truck tires
    4
    Sun Auto Tire adds first locations in Oregon
    5
    OSHA levies 'serious' violations against Conti after worker injuries
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • Humanitarian Award
      • RETAIL TIRES
      • SERVICE ZONE
      • TIRE MAKERS
      • Best Places to Work
      • RUSSIA WAR IN UKRAINE
    • Aligning with ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION