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Pirelli rules out Saudi sovereign fund taking stake in company - exec

Reuters
·1 min read
FILE PHOTO: A tyre produced by the Italian company Pirelli is on display at a dealership in Moscow

MILAN (Reuters) - Saudi Arabia's Public Investment Fund (PIF) will not take a stake in Italy's Pirelli, the tyremaker's Executive Vice Chairman Marco Tronchetti Provera said on Tuesday.

"It's what you see, there's nothing more," he said referring to Pirelli's joint venture with the Saudi sovereign wealth fund to build a tyre manufacturing facility in the Gulf country.

"There isn't going to be anything else," Tronchetti Provera said when asked about a potential entry of PIF in Pirelli's shareholding.

(Reporting by Giulio Piovaccari, writing by Federico Maccioni, editing by Giulia Segreti)