Camfin has bought 2.2 percent of Pirelli, bringing the total stake held by Italian shareholders under Marco Tronchetti Provera & C Spa to 22.78 percent, while Chinese fund Silk Road has divested its 9 percent stake in the tire group.

With the new transaction Camfin completed its plan to buy up to 5 percent of Pirelli's capital announced in September, and following the purchase of 2.8 percent made in December.

In this way, Camfin and Mtp strengthen their role as stable shareholders "reaffirming their trust and commitment to support Pirelli's industrial projects," a note circulated by the two shareholders before the markets opened stressed.

Last night the Chinese fund Silk Road initiated an accelerated placement (Abb) of its entire stake, closing the deal at a price of 5.76 euros per share, a 7 percent discount from yesterday's close.

The entire 9 percent stake sold was thus valued at about 520 million euros, according to a bookrunner.

The final price of the placement slightly exceeded the guidance set yesterday, when Abb 5.69 euros per share was launched.

In the Italian Stock Exchange, Pirelli shares were affected by the technical effect of the placement and at 11:30 a.m. were down 5.56 percent to 5.846 euros

(Andrea Mandalà, editing Stefano Bernabei)