Pirelli Parent Posts 3Q Loss
Pirelli & C. SpA, the parent company of the tyre manufacturer, reported a loss in its third quarter after writing down the value of its investment in Telecom Italia SpA, Italy’s largest phone company. The net loss, excluding some items, was 1.6 billion euros ($2 billion), compared with net income of 105.8 million euros ($135 million) a year earlier.