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

Published 05/12/2023, 11:51
Updated 05/12/2023, 11:57
© Reuters. FILE PHOTO: A tyre produced by the Italian company Pirelli is on display at a dealership in Moscow, Russia, March 23, 2023. REUTERS/Maxim Shemetov/File Photo

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.

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