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Clessidra exits stake in tyre maker Pirelli

17 Mar 2014

news_tyres_lrgItalian private equity firm Clessidra has agreed to exit its stake in tyre maker Pirelli.

Italian bank Intesa Sanpaolo said that Russian oil and gas giant Rosneft will buy a stake in Pirelli by acquiring half of a new entity that will acquire Camfin’s 20.3 per cent stake in Pirelli for 12 per share.

The remaining stake in the new company will be bought by an entity 80 per cent owned by Nuove Partecipazioni and ten per cent owned by each Intesa and UniCredit.

Back in July last year Pirelli secured regulatory approval from the stock market for an 80 euro cent per share stake sale to chairman Marco Tronchetti Provera and a group of investors.

Last November Clessidra reportedly decided to slash the size of its latest fund by €300m to €1.1bn.

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