Change in Share Capital
|2007 Pirelli & C. S.p.A. Share Capital Decrease||2005 Pirelli & C. SpA Capital increase||2003 Pirelli & C. SpA Capital increase||2003 Pirelli & C. SpA - Pirelli SpA merger (ITA)|
On November 9, 2007, a share capital reduction of approximately Euros 1,235 million, by reducing the par value per ordinary and savings share from Euros 0.52 to Euros 0.29, was submitted by the board of directors of Pirelli & C. S.p.A. for approval by the ordinary and savings shareholders' meetings. The reduction was made to allow the Company to reimburse the shareholders a part of the financial resources obtained from the sale of the investment in Olimpia S.p.A., by distributing extraordinary dividends of Euros 0.154 per share (for a total of approximately Euros 826 million), as well as optimize the equity structure of the company, by appropriating about Euros 409 million to reserves. The shareholders' meeting approved the transaction in December 2007.