Pirelli is still talking with banks about the possibility of buying back a 38.9% stake in its tyre business and is hoping to agree on the right price, its chairman has said.

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“There is interest in reaching common ground and the right price for everyone,” Pirelli & C chairman Marco Tronchetti Provera told Reuters before a presentation by Pirelli Tyre.


According to the news agency, Pirelli sold the stake to six banks for EUR740m ($US1.09bn) in 2006 after it cancelled plans to list the division on the Milan stock exchange.


At the subsequent presentation, Pirelli Tyre chief executive Francesco Gori told Reuters the 2007 financial results would beat 2006.

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