The shareholders of Pirelli & C. SpA (BIT:PC) authorized a share repurchase program at the Ordinary General Meeting on May 13, 2013, Under the program, the company will repurchase up to 480,392,217 ordinary and savings shares, representing 9.84% of its share capital, such that its holding in treasury does not exceed 10% of its share capital. The share purchase price will be identified from time to time, having regard to the procedure selected to execute the transaction ... and in compliance with possible regulatory provisions or permitted market practice, but, in any event, shall not be less than or greater than 15% compared to the weighted average of the official stock exchange prices for shares registered by Borsa Italiana S.p.A. in the three sessions prior to each individual repurchase transaction. The shares will be repurchased by means of a public offer of purchase or exchange, on the regulated markets, in compliance with the operating procedures established by Borsa Italiana S.p.A. and having the characteristics set out under Article 144-bis of the Issuers Regulations, by purchasing derivative instruments negotiated on the regulated markets which envisage the physical delivery of the underlying shares and at the terms and conditions established by the exchange. The shares repurchased will be held in treasury. The purpose of the program is to purchase for medium and long-term investment and to provide the treasury shares portfolio available in the context of possible extraordinary financial transactions or for other uses deemed to be of financial, operational and/or of strategic interest for the company. The shares will repurchased under Article 2357, paragraph 1 of the Italian Civil Code. The transactions to purchase shares for which the authorization is requested will be executed in compliance with the applicable legislation and, in particular, in compliance with the national and European Union legislative and regulatory provisions. The program will be valid for a period of 18 months. As of April 3, 2013, the company has 475,740,182 ordinary shares and 12,251,311 savings shares in share capital and 351,590 ordinary shares, representing 0.07% and 408,342 savings shares, representing 0.08% in treasury.
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