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Published on 1/04/2020 5:14:30 PM | Source: Reuters

Pirelli CEO says he does not see Brembo's stake purchase in tyre maker as hostile

Posted in Top Stories| #World Market

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MILAN - The Pirelli <PIRC.MI> chief executive said on Wednesday he did not see Brembo's <BRBI.MI> recent decision to buy a stake in the tyre maker as a hostile move and added that he was happy about the brakes maker's investment.

"I knew about the Brembo move when it was done. I don't see it as hostile," CEO Marco Tronchetti Provera said.

"They have trust in us, we're happy," Tronchetti added.

On Tuesday Brembo said it held 2.43% of Pirelli after deciding to buy a stake with a "long-term" approach.