20 Jan 2020
European tire makers reply to speculation over €9bn merger
London: Pirelli has dismissed reports that it is in talks with Finnish tire maker Nokian Tyre over a possible merger.
Various UK news agencies, including Reuters, have reported speculation on the London stock exchange about a €9-billion merger between the tire majors.
In reply to ERJ’s enquiry, a Pirelli spokesman said the Milan, Italy-based group had issued an “on-the-record statement that the story is without foundation.”
For Nokian, corporate communications manager Tarja Kuittinen said: “Unfortunately we don’t comment on market rumours.”
In the ERJ Global Tire Report 2019, ChemChina-owned Pirelli ranked as the world’s sixth largest tire maker with sales of $5,125.6 million. Nokian was in 21th place with sales of $1,722.5 million.
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