Pirelli to raise EUR 90 mln in treasury sale sell-off

Italian real estate company Pirelli RE is to sell 1.67 million treasury shares - 3.9% of its total share capital - to institutional investors to raise about EUR 90 mln. In a statement, Pirelli said it had mandated Deutsche Bank to place the treasury shares to 'free up capital to take advantage of the growing opportunities'; to keep gearing in line with what has already been announced to the market in its three-year plan and to increase the float to improve the liquidity of the company's stock.

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