March 29, 2018 / 12:59 PM / 3 months ago

UPDATE 1-Pirelli's Russian shareholder LTI plans to stay after lock-up period ends

(Adds CEO comment, shares)

MILAN, March 29 (Reuters) - Pirelli’s Russian shareholder Long Term Investments (LTI) will not sell its stake in the Italian tyre company when a lock-up period ends in early April, the fund’s chief executive told Reuters.

LTI holds a stake of 6.2 percent in Pirelli through investment vehicle Marco Polo International Italy which owns around 63 percent of the company.

“In the near future I’m not going to sell anything,” Viacheslav Sheloputov said.

The fund had a 180-day lock-up period on its stake in Pirelli following an initial public offering of the tyre maker last October.

That period was just half the lock-up of other core shareholders, raising speculation it might sell out once it ends.

Sheloputov said LTI considered Pirelli’s current share price to be undervalued.

“LTI has full confidence in Pirelli’s management and is convinced that its current business plan will create additional value for the company and for all of its shareholders,” he said.

Shares in Pirelli, which debuted on the Milan stock market at 6.5 euros each, were trading up 2.6 percent at 1250 GMT at 7.22 euros.

Marco Polo’s main shareholder is China National Chemical Corporation. Other investors include Pirelli’s Chief Executive Marco Tronchetti Provera and banks UniCredit and Intesa Sanpaolo. (Reporting by Stephen Jewkes Editing by Agnieszka Flak/Keith Weir)

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