£8bn PIRELLI IS SET FOR STOCK MARKET RETURN

TYREMAKER Pirelli – renowned for its annual calendar featuring some of the world’s most famous models – is set to return to the stock market.

The Italian firm, bought by state-owned ChemChina two years ago, will sell up to 40pc of its equity in an initial public offering as it plans to return to the Milan market in October.

The relisting of the world’s fifth-largest tyremaker will test demand for a business which focuses on high- end tyres. A study by analysts at Banca IMI valued the group at around £8bn.

Pirelli, which back then included the industrial tyre business, had traded on the Milan exchange since 1922.

ChemChina acquired one of Italy’s most famous company’s for slightly more than £7bn.

Pirelli is seen as one of the world’s most glamorous brands thanks mainly to its calendars.

This year’s version featured 14 famous actresses including Penelope Cruz, Nicole Kidman and Oscar winner Alicia Vikander.