Pirelli to sell 40% stake in Milan market comeback

Italian tyremaker Pirelli, bought by state-owned China National Chemical two years ago, will sell up to 40 per cent of its capital in an initial public offering as it plans to return to the Milan stock exchange in October. The relisting of the world’s fifthlargest tyremaker will test demand for a streamlined company that focuses on highend consumer tyres, after the company’s less profitable truck and industrial tyre business was folded into a unit of China National Chemical (ChemChina). Prior to a 2015 delisting that had followed ChemChina’s takeover, Pirelli’s shares had traded on the Milan exchange since 1922.