Pirelli sells 3% of Intek to Quattroduedue for 8.3 millions euro
PIRELLI SELLS 3% OF INTEK TO QUATTRODUEDUE FOR 8.3 MILLION EUROS
In execution of the put&call agreement signed last 9 January
Milan, 4 May 2007 - Pirelli & C. SpA sold today to Quattroduedue Holding BV 10,432,346 ordinary shares in Intek SpA, equal to 3% of the ordinary capital, for a consideration of about 8.3 million euros.
The transaction was carried out in execution of the put&call agreement between the two companies, communicated last 9 January. That agreement foresaw that, on the date of efficacy of the merger of Gim SpA into Intek SpA, Pirelli and Quattroduedue would have, respectively, the right to sell - within the limits of the ceiling for public tender offers - and to buy the entire participation coming to Pirelli from the merger for a consideration of about 13.1 million euros.
Following the sale completed today, Pirelli & C. still holds 6,149,354 Intek SpA ordinary shares, equal to 1.768% of the company's ordinary capital, which on the basis of the above-mentioned agreement it can sell to third parties after 31 May 2008 should Quattroduedue not exercise the option on the entire participation.
Quattroduedue now holds 144,024,907 ordinary shares equal to 41.417% of the capital with voting rights.