Pirelli sets payout, buyback, boosting tire stake

Pirelli & C on Friday it announced plans for an extraordinary dividend, a share buyback and an offer to repurchase a stake in its tire business, meeting market expectations.
Flush with billions of euros of cash from the sale of its stake in Telecom Italia , the Italian holding company proposed an extraordinary dividend of 0.154 euros per share for a total of about 827 million euros.
It said it would keep another 408 million euros in reserve to buy back its own shares at an "opportune" time.