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Pirelli to buy nearly 40% of its tire division stock

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Pirelli & Cie SpA has reached a deal to acquire Speed SpA's shares of of Pirelli Tyre. Speed owns nearly 40% of Pirelli Tyre.

Speed is owned by JP Morgan Group, Lehman Brothers and several other financial institutions.

Pirelli will pay 434.4 million euros, "financed by available liquidity," according to Pirelli officials. "The repurchase of the Pirelli Tyre stake... is part of the (company's) strategy to refocus on its core businesses."

The exchange is expected to take place this July.

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