Brembo Sells Entire Stake in Pirelli

Brembo N.V. has completed the sale of its entire 5.58% stake in Pirelli & C. S.p.A., amounting to 55.8 million shares, generating gross proceeds of €282.9 million. This move, facilitated through an accelerated bookbuilding process aimed at institutional investors, effectively ends any speculation regarding a merger between Brembo and Pirelli. BNP Paribas served as the sole global coordinator and bookrunner for the transaction. The sale reflects Brembo's strategy to secure significant capital inflow while marking its exit from the tire manufacturer, in which it had gradually increased its ownership since 2020. Additionally, Brembo's shares closed at €9.68, while Pirelli's shares fell to €5.34 following the announcement. This transaction is part of a broader trend of strategic moves within the market, including Korea Zinc's tender offer against a hostile takeover and KKR's interest in ASMPT.