Silk Road Fund sells 9% Pirelli shareholding

China’s Silk Road Fund has sold its entire stake in Pirelli through an accelerated placement procedure. According to a statement published by the Borsa Italiana stock exchange this morning, the economic development fund has divested some 90.2 million shares, which represents a 9.02 per cent shareholding in Pirelli. Demand for the shares far exceeded supply, and MTP/Camfin have reportedly purchased shares equal to 2.2 per cent of Pirelli’s capital.