Pirelli Dividend Shrinks

Pirelli Spa & C will pay a smaller dividend for the 2004 financial year than it did for 2003. The Italian company has proposed to pay a dividend of 0.021 euros per ordinary share and 0.0314 euros per savings share. The ordinary share dividend is 30 per cent lower than last year, when the company paid out 0.031 euros and 0.414 euros respectively. In spite of the dividend decrease the company paid out 113 million euros, more than it did in previous years.