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Michal Strnad in talks to buy Pirelli stake worth 24bn crowns

Michal Strnad in talks to buy a stake in Pirelli worth almost 24 billion crowns
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Michal Strnad is negotiating to acquire a 14% stake in the Italian tyre maker Pirelli. At current share prices, the deal would cost the Czech entrepreneur roughly 24 billion crowns.

According to the Italian press, Strnad originally planned to enter the deal together with another Czech billionaire, Pavel Tykač. However, Bloomberg reports that Tykač pulled out of the investment at the last moment, and Strnad is now negotiating on his own.

If the deal goes through, it would be one of the largest moves of Czech capital into the European industrial market yet — Pirelli is one of the world's leading tyre manufacturers, with a long history and a listing on the stock exchange.

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