Pirelli & C. SpA , Europe’s third- largest tiremaker, will sell its broadband communications unit as part of a reorganization that includes a spinoff of real- estate assets, Chairman Marco Tronchetti Provera said.
Ambienta SGR SpA, a private-equity investor in resource and energy efficiency, plans to sell its stake in green utility ICQ Holding SpA in the latest sign the industry is losing funding as governments withdraw support.
Pirelli & C. SpA Chairman Marco Tronchetti Provera said that Pirelli & C. Real Estate SpA, which the tiremaker is in the process of separating, “doesn’t need partners,” speaking to reporters in Venice today.
Ambienta SGR SpA, an investor in resource and energy efficiency, plans a 300 million-euro ($406 million) fund to tap demand for energy-saving natural-gas burners and generators as U.S. output of the fuel grows.
Pirelli SpA, Europe’s third-largest tiremaker, will look at a partnership for its steel-cord unit and will sell 150 million euros ($202.5 million) in financial assets by 2017 as it adapts to shifts in global car markets.
A group led by Pirelli & C SpA Chairman Marco Tronchetti Provera won backing from Intesa Sanpaolo SpA, UniCredit SpA and Clessidra SGR to gain more direct control of Europe’s third-largest tiremaker, resolving a shareholder dispute.
For the average car driver, tires are pretty much all the same, and replacing worn rubber is a matter of relying on recommendations from a repair shop. That’s changing in Europe as new rules help consumers decide whether higher-priced Michelins are worth it.