Pirelli Buy Back Expected Within Days

Thomson Financial reported on March 5 that Pirelli SpA will pay 850 million euros to buy back 38.9 per cent share in its tyre business. The repurchase, expected within a few days, according to the report, will come in lower than the expected 900 to 950 million euro estimate. In 2006, Pirelli sold the stake in its tyre operations to a group of banks for some 740 million euros. (Tire Review/Akron)