Pirelli reveals details of capital increase plan

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Pirelli & Cie SpA intends to issue new shares as part of its "capital increase" plan.

The capital increase is part of the company's 2009-2011 business plan, "which is focused on increasing the company's momentum and, more specifically, on ensuring the plan's implementation thanks to a more solid organization," say Pirelli officials.

Subscription price for new stock has been set at .50 euro per share, while the rights exchange ratio will be 135 new shares for every seven existing shares.

"The offering... will involve the issue of a maximum of 798,574,564 new shares, entailing a capital increase of 399.3 million euros."

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