Fondi Immobiliari Italiani Sgr SpA, or Fimit, is considering merging its fund management activities with those of Pirelli & C. Real Estate SpA rather than a full-fledged merger, an Italian newspaper said Friday.
Fimit's board has told Chief Executive Massimo Caputi to explore the idea because it wants to minimize its exposure to the risk of falling real estate prices as well as Pirelli RE's debt, Corriere della Sera reports, citing sources close to the talks.
Pirelli declined comment and Fimit was not immediately available for comment.
Fimit has been in preliminary talks since November with Pirelli RE and its parent, Pirelli & C. SpA, about possibly creating a new company in asset management and real estate services.
(Source: irco.biz)
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