Former board member buys 6.98% stake in Pirelli
Former Pirelli & Cie. SpA board member Vittorio Malacalza has bought a 6.98% stake in the company worth $345 million (260 million euros).
According to his firm Malacalza Investimenti, Malacalza bought 33.2 million ordinary shares in Pirelli at 7.80 euros apiece.
In addition, Malacalza sold his 30.94% stake in Gruppo Partecipazioni Industriali, or GPI, for 160 million euros. He also sold his 12.37% stake in Camfin SpA at .80 euros per share.
Last month Malacalza resigned from Pirelli’s board.