Pirelli

Czech entrepreneur Michael Strnad has acquired 14 percent of Pirelli shares from Sinochem, reducing its stake from 34 to 20 percent. This means Sinochem loses its position as largest shareholder to Marco Tronchetti Provera's holding MTP-Camfin with around 26 percent. According to reports, Strnad paid just under one billion euros out of his own pocket. The move eases a years-long conflict with Sinochem, after the Italian government and US concerns over data access had already limited the Chinese firm's influence; the stock market reacted with price gains. » Más en faz.net

Pirelli shares dropped 2.3% to €6.355 after the publication of the H1 report and a downgrade by JPMorgan. Pirelli reported net sales of €3,495m, organic Q2 growth of only 1.4%, and currency and inflation headwinds of €44m and €65m, respectively, in the first half. The company confirmed its full‑year guidance but warned of higher raw‑material costs, now expecting a €70m headwind for the year. In addition, a governance dispute with dissenting votes from three China‑linked directors weighed on the share price amid a weak market backdrop. » Más en de.investing.com

Pirelli shares climbed to a 52‑week high of €7.04 after reports that Michal Strnad and Pavel Tykac are negotiating with Sinochem to acquire 10–20% of the 34.1% stake. A company close to board member Marco Tronchetti Provera bought Pirelli shares worth about €997,000 on June 23, which is being seen as a vote of confidence. A possible deal remains uncertain due to differing price expectations. In addition, the upcoming ex‑dividend date on July 20, with a payout of €0.34 per share, is attracting income‑oriented investors. » Más en de.investing.com