Pirelli Seek Consolidation in Turkish Buyout

Pirelli has begun to negotiate the buying out of minority shareholders in its Turkish units Turk Pirelli Lastikleri – which supplies commercial and passenger car tyres – and Celikord, a steel cord manufacturer. The Italian tyre giant owns 69 per cent and 51 per cent of the companies respectively and is looking to consolidate in the growing, strategically-important Turkish market through full ownership. Pirelli has been present within the nation for 50 years.

Financial news sources report that Pirelli is yet to release a statement on the matter, or of any details of the performance of the firms subject to buyout bids.