Brembo has initiated the sale of its entire stake of about 5.58 percent held in Pirelli through an accelerated bookbuilding procedure.

The brake manufacturer announced this in a note, specifying that the Abb on 55.8 million Pirelli shares is "aimed at certain categories of institutional investors" and that "the selling shareholder reserves the right to vary the terms or timing of the offer at any time."

The 'Sole Global Coordinator and Bookrunner' of the offering is BnpParibas.

Brembo had become a shareholder of Pirelli in 2020 with a stake of about 2.4 percent, rising over time to about 6 percent.

At the closing values of Pirelli stock today (5.34 euros), the stake put up for sale by Brembo is worth about 300 million euros.

(Andrea Mandalà, editing Claudia Cristoferi)