Pirelli mandates DB to place Pirelli RE shares

Pirelli & C. Mandates Deutsche Bank To Place 8.37% of Pirelli Re Share Capital to Italian and Foreign Institutional Investors

After Operation, Pirelli & C. Spa Will Own 52.77% Of Pirelli Re Share Capital, Maintaining Control


Milan, 28 July 2004 - Pirelli & C. SpA informs that it signed a contract with Deutsche Bank AG, London for the placement starting today of n. 3,400,000 Pirelli & C. Real Estate SpA ordinary share, equal to 8.37% of share capital, to Italian and foreign institutional investors.

It's forecast that operation settlement will be next 3 August 2004 . Following such operation, Pirelli & C. SpA direct shareholding in Pirelli & C. Real Estate SpA will pass to 52.77%, maintaining the control of the company even in case of full exercise of the stock options plans currently in place.

This operation will provide Pirelli & C. Real Estate , that represents a strategic activity sector for the Group with growing importance, with a broader floating capital, becoming more attractive for investors.

The operation will also improve the Pirelli & C. Group net financial position.
Pirelli has agreed with Deutsche Bank AG not to sell any further shares of Pirelli & C. Real Estate SpA until 30 April 2005 .

Download the Press Release (PDF, 182Kb)