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Pirelli says to exit Mediobanca shareholder pact
September 12, 2017 / 5:39 PM / 2 months ago

Pirelli says to exit Mediobanca shareholder pact

MILAN, Sept 12 (Reuters) - Tyremaker Pirelli, which is preparing to re-list on the Milan bourse after it was acquired by state-owned China National Chemical, said on Tuesday it would exit a shareholder pact linking key investors in investment bank Mediobanca.

The move means Pirelli, a long-time investor of Mediobanca and once a key player of Italy’s so-called “salotto buono” - a club of investors controlling big companies through a web of cross-shareholdings - will be able to sell its 1.79 percent stake in Mediobanca should it wish to do so.

Mediobanca’s shareholder pact comes up for renewal at the end of this year. (Reporting by Silvia Aloisi and Gianluca Semeraro)

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