MILAN: Pirelli is set to place 30 to 40 percent of its shares in an initial public offering expected to be wrapped up in early October, two sources close to the matter said, as the Italian tyre maker readies a return to the bourse under new ownership.
The world’s fifth largest tyre maker was delisted from the Milan stock market in 2015, where its shares had traded since 1922, following a mandatory offer launched by an investment vehicle controlled by China National Chemical Corp (ChemChina).
Pirelli is expected to make a file its listing request with market regulator Consob these days, one of the sources said.
“The idea is to conclude the IPO either in late September or early October, it’s a pretty tight schedule,” the source said, adding that the final timing will depend on Pirelli securing all the necessary regulatory approvals.
Pirelli is eyeing a listing start on Oct. 4, the person added, confirming a date cited in Italian media.
Pirelli declined to comment. The company has previously said it planned to list in the fourth quarter of this year.
The tyre maker said in April ChemChina was willing to reduce its stake to below 50 percent “for the greater success of the IPO”.
State-owned ChemChina holds a 65 percent stake in Marco Polo International Italy, the sole shareholder in Pirelli. Camfin, an Italian holding company whose investors include Pirelli boss Marco Tronchetti Provera, Italian banks UniCredit and Intesa Sanpaolo, has 22.4 percent and an investment fund linked to Russia’s Rosneft owns the rest.
Extending its portfolio in Russia, Renault has official unveiled its 5-seater crossover – Kaptur. Now you might think we got the spelling wrong, but no, it’s not the European hatch Captur but this one has been introduced in Russia first and will likely be a product that India will receive.
How different is the car from the Captur? Well, a lot. To begin with it comes with an all-wheel drive system, which the Captur never got. The Kaptur is 210mm longer than the its European twin measuring in at 4333mm in length so it isn’t sub-4 metres. It also comes with a locking center differential, elevated ride height and heavier-duty suspension. Though there might be some similarities in design when compared to the Captur, this one looks more aggressive and that’s thanks to the muscular front bumper which is more rugged and bulky and nicely integrated with a set of C-shaped DRL’s.
After its preview in Berlin and a comprehensive review of the Kodiaq, we’ve finally seen it being tested in India and this certainly is good news. The launch is not that far then and we’re waiting eagerly to see when Skoda plans to launch it here. The Kodiaq is the Czech carmaker’s first large SUV and also its first 7-seater car; though it is a 5-seater, Skoda will offer the optional 7-seat configuration too.
The Skoda Kodiaq is measures 4697 mm in length, 1882 mm in width and 1676 mm in height. The SUV’s wheelbase measures 2791 mm. and offers rear legroom of up to 104 mm. The Kodiaq is the latest of the Volkswagen Group models to be underpinned by the company’s versatile MQB platform, which makes for a lighter yet rigid construction, leading higher fuel economy. Skoda is likely to offer the Kodiaq with the 2.0-litre TDI diesel engine mated to the 7-speed DSG. A petrol version may also be added in the future.
Expected Launch: September 2017
Expected Price: ₹ 25 lakh to ₹ 30 lakh
Toyota will launch the new generation Camry sedan and hybrid. The car has been one of the best-selling models in Toyota’s line-up, globally and the success of the Camry hybrid sedan in India has been one example. As the outgoing model, we’ll get the new-gen Camry in both its sedan and hybrid avatar and according to the company the model will be dynamic and offer improved handling and comfort. Moreover, Toyota says that the next generation Camry will definitely be positioned as a fun to drive and performance-oriented sedan.
Technical specification and details are yet to be revealed but specification-wise and price-wise, the new Camry will have extremely varied versions to suit different markets. It should break cover sometime next year, with market introductions by 2018 at the very latest. An Auto Expo debut in Feb 2018 is looking highly likely than for India too.
Expected Launch: 2018
Expected Price: ₹ 30 lakh to ₹ 35 lakh
It has been quite a while since the Hyundai Verna has received a generation upgrade in India. Hyundai gave the car a facelift last year and is now working on the new-gen model which is set to arrive next year. Based on the Fluidic Sculpture 2.0 design philosophy, the new generation Hyundai Verna is angular and bears resemblance to the all-new Elantra sedan. The swept back headlamps are reminiscent of the ones on the existing model but thanks to the overall design of the car, the face now looks sharper. The cluster comes shod with projector lights, LED DRLs, while the bumper gets angular fog lamps.The cabin is all-black and looks premium and gets brushed silver finish all over. There’s a large 8-inch touchscreen display in the centre console and it’ll also get Apple CarPlay and Android Auto connectivity options (which we’ve seen in the Elantra). Other features will include auto climate control, sunroof, push button start and much more.
Read more “The New Generation of Hyundai Verna”
Confirming our earlier reports, FCA India today announced the launch date for its long-awaited mid-size SUV – the Jeep Compass. Slated to be launched on July 31, the car will be the most affordable offering from the American SUV manufacturer and also its first Made-In-India model yet. Though globally the SUV replaces the previous Jeep Compass and Jeep Patriot, essentially it is an all-new product in all sense and we have told you that in our first drive review of the US-spec model. We even got to drive the India-spec version last month and we have to say both the versions of the Compass are very similar to each other in terms of feature offerings.