In what is expected to affect its truck tire business in Europe, Pirelli SpA has purchased controlling interest in Telecom Italia and the mobile phone company TIM. Control was secured for 7 billion euros, according to Tyres & Accessories.
At a press conference in Milan, Italy, yesterday, Pirelli Chairman Marco Tronchetti Provera said the company was interested in selling its truck tire division as well as some of its cable activities to reduce the debt that will follow upon completion of the purchase. Provera said Pirelli would keep its passenger and SUV tire division.
Pirelli, with help from Edizone Holding, purchased 23% of Olivetti, the company that controls Telecom Italia, from Bell SA.
