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Former board member buys 6.98% stake in Pirelli

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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.

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