(Reuters) – China’s Sinochem Holdings Corp is considering selling its entire 37% stake in Italian tiremaker Pirelli & C SpA, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The Chinese state-owned oil-to-chemicals group is in the early stages of reviewing its holding in Pirelli, the report said, adding that Sinochem may also sell a partial stake or divest over time on the market.
Milan-listed shares in Pirelli fell as much as 4.3% after the report was published, but reversed losses to trade 0.4% higher.
Pirelli was not immediately available for comment while Sinochem did not immediately respond to a Reuters request for comment.
(Reporting by Nilutpal Timsina in Bengaluru; Editing by Devika Syamnath)