Pirelli & Co outlined plans this week to spin off its real estate arm amid improving results for both its tyre and real estate businesses. In a statement, the Milan-based group said that it will assign its 58% stake in Pirelli & C Real Estate to its own shareholders following shareholder approval by end-July. The deal, which should close this year and is supported by the company's banks, will take place through a voluntary reduction of Pirelli & Co.'s capital for an amount equal to the value of the Pirelli RE stake being assigned.
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