Pirelli to offer tire division IPO

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Pirelli & Cie SpA will hold an initial public offering for its Pirelli Tire unit.

Pirelli sent a listing request to the Milan stock exchange, a Pirelli spokesman from Italy has told "We recieved the OK from the stock exchange," he said.

Pirelli is currently in the process of waiting for approval from Consorb, the exchange's regulatory body.

The spokesman also told that Pirelli did not say the IPO will happen by the end of June, contrary to what has been reported elsewhere.

In February, Pirelli announced that its board had resolved to undertake procedures aimed at "arriving at a better valuation of the activities of its tire division," including a possible listing on the Milan exchange.

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