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Pirelli stock offer is underway

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Pirelli & Cie SpA says the offer in option of 4.5 million savings shares in the company started on Jan. 28.

The offer will run through Feb. 27.

The offer is equal to about 3.37% of the savings share capital, for which the right of withdrawal was exercised following Pirelli shareholders' approval of the reduction of share capital, say Pirelli officials.

"The shares will be offered at a price of 0.8055 euros per share, corresponding to their liquidation value, to all holders of ordinary shares and to holders of savings shares for which the right of withdrawal was not exercised," they add.

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