December 19, 2018 / 6:12 PM / 6 months ago

Pirelli investor LTI enters repurchase agreement for stake in tyremaker

MILAN, Dec 19 (Reuters) - Pirelli shareholder Long Term Investments (LTI) has entered into a repurchase agreement with SOVA Capital Limited regarding its entire 6.239 percent stake in the Italian tyremaker, the Luxembourg-based fund said on Wednesday.

“There are no reasons for us to reduce our stake in Pirelli: we have full trust in Pirelli’s management and we are confident that the company will create additional value for all of its shareholders”, LTI Chief Executive Officer Viacheslav Sheloputov said in a statement.

Reporting by Giulio Piovaccari; editing by Agnieszka Flak

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