Corning to buy Cisco's Pirelli stake.(Corning Inc., Cisco Systems Inc., Pirelli Cable Corp. deal)(Brief Article)

CED, December, 2000

Cisco Systems plans to exercise its right to sell its 10 percent stake in Pirelli's optical components and devices to Corning. Cisco has agreed to take shares of Corning's common stock for its stake in the Pirelli units. In September, Corning announced it had agreed to purchase Pirelli's 90 percent interest in the business for about $3.6 billion in cash.

Corning expects the transactions to close concurrently this month. Corning announced the FTC's pre-merger office had granted early closure of the normal 30-day antitrust waiting period.