Pirelli RE approx. 400 million Euros capital increase has succesfully been made: 99.4% being the overall total of new shares underwritten. Pirelli & C. supported it with 58.07% of the new shares. Yet, the deal was also widely supported (41.3%) by istitutional and retail investors with an overall underwritten amount worth approx. 164.9 million Euros (41,3% of the total). Though this capital increase, Pirelli RE makes its assets structure stronger, with a 0.7 debt – net asset ratio vs. 2.8 at the end of the first quarter 2009.
This capital increase shall also guarantee the flexibility needed to achieve the goals of the 2009-2011 Industrial Plan that was introduced on February 11.
The negotiation deadline will be Friday July 17, the last day available for trading the shares not yet underwritten (0.639% of the total).