Pirelli chairman sees several options for selling Olimpia stake

0 Comments | AFP, April, 2007

MILAN, Italy (AFP) — Pirelli chairman Marco Tronchetti Provera said on Monday that there was more than one option for the sale of its stake in Olimpia, the holding company that controls 18 percent of Telecom Italia.

"With the negotiations with ATT failed, negotiations are ongoing with the Mexicans and there are also other options on the table," Tronchetti Provera told a meeting of Pirelli shareholders.

ATT pulled out of talks to buy the stake earlier this month, but the US firm's Mexican affiliate, America Movil, is still interested.

Pirelli owns 80 percent of Olimpia, while the Benetton family owns the remaining 20 perceht.

Tronchetti told shareholders that Pirelli, "with a solid balance sheet structure, is in no hurry".

On Monday the...