October 12, 2010 / 10:47 AM / 8 years ago

Pirelli to sell broadband ops by end-Oct-source

MILAN, Oct 12 (Reuters) - Italy’s Pirelli & C SpA PECIMI> has three possible buyers for its broadband unit and could complete the sale by the of the month, a source close to the operation said on Tuesday.

Switzerland’s Adb, German fund Aurelius and France’s Netgem (ETGM.PA) are finalists to buy Pirelli Broadband Solutions, the source said. The move would let Pirelli focus on its core tyre operations.

“The group is near to closure (of the sale). It is probable by the end of October,” the source said

The operation values the unit at between 35 million euros and 40 million, a market source said.

Pirelli declined to comment. It has set an end-year date for completing the sale.

Pirelli is due to spin off its Pirelli & C Real Estate SpA PCRE.MI this month as part of a strategy to focus on its tyre activities.

At 1000 GMT Pirelli shares were down 0.8 percent at 5.95 euros, underperforming the STOXX Europe 600 auto and auto parts index .SXAP which was up 0.7 percent. (Reporting by Stefano Rebaudo; Writing by Nigel Tutt; Editing by David Holmes)

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