Italy's Pirelli Real Estate will offer its shareholders the largest discount possible in the EUR 400 mln capital increase planned for June, an Italian newspaper has said, citing chairman Marco Tronchetti Provera. The company will issue up to 800 million shares 50 cents per share. Pirelli & Co, which controls over 55% of Pirelli Real Estate, will underwrite Pirelli RE's capital hike for a quota corresponding to its interest in the business, or some EUR 226 mln. The real estate company hopes to raise an additional EUR 174 mln from the market.
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