Russia's Rosneft Grabs Stake In Tire Maker Pirelli

Law360, New York (March 17, 2014, 3:14 PM EDT) -- Russian energy giant OAO Rosneft on Monday confirmed that it’s snapping up a 13 percent stake in Italian tire maker Pirelli & C. SpA, with the company investing a reported 500 million euros ($697 million) to get the deal done.

Rosneft is picking up a 50 percent stake in a reorganized holding company that owns a 26 percent slice of Pirelli. Nuove Partecipazioni, an investment vehicle controlled by to Pirelli Chairman and CEO Marco Tronchetti Provera, would control 80 percent of the holding company’s other half,...
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