Banks Abandon Pirelli IPO at Last Minute
Banks advising Pirelli Tyre on its initial public offering withdrew the company from floatation at the last minute (30 June). The state of the Italian floatation market was blamed for the decision. Pirelli Tyre had been scheduled to make its debut on the Milan stock exchange on Wednesday 5th July, and was valued at between 1.9 and 2.3 billion euros.