Pirelli to Buy Back Tyre Unit Share in H1 2008?

For a number of months Pirelli & C SpA has openly expressed its intention to buy back the 38.9 per cent share in Pirelli Tyre that it sold to a group of six banks in 2006. An Italian newspaper, the Corriere della Sera, has in February reported that the company intends to make this acquisition before the end of the financial year’s first half. According to some analysts the share in the tyre unit, which sold for 740 million euros in August 2006, is currently worth around 900 million.