May 30, 2024 07:25 GMT
Chinese Fund Sells Pirelli Stake; Spreads Muted
TRANSPORTATION
- Pirelli equity move comes as the Chinese state-backed Silk Road Fund Co. sells its its 9% stake at a 8.08% discount to last close.
- Largest holder Sinochem Holdings (37%) is also reportedly considering a sale.
- Moves come after the Italian gov’t last year took steps to limit influence over the manufacturer on security concerns apparently related to digital tire sensors.
- Pirelli EUR 28s are 1bp wider having traded essentially sideways YTD.
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