MILAN (Reuters) -The executive chairman of Italian brake maker Brembo ruled out on Friday any short-term plans for a tie-up with tyre manufacturer Pirelli.
"There is nothing on the table," Matteo Tiraboschi told Reuters when asked about a possible merger.
Long-running speculation about a combination of the two premium auto parts suppliers was rekindled this week by news that Brembo signed a shareholder agreement to align its voting at Pirelli's shareholder meetings with fellow investor Camfin.
The announcement came just two weeks after Pirelli's largest investor, Chinese state-owned group Sinochem, denied reports it was considering selling its 37% stake in the company that manufactures tyres for high-end carmakers such as Ferrari (NYSE:RACE), Porsche (ETR:P911_p) and BMW, and is the sole supplier for Formula One cars.
Brembo owns a 6% stake in Pirelli. Camfin, the vehicle of Pirelli CEO and Executive Vice Chairman Marco Tronchetti Provera, has a 14.1% stake in the company and has options to buy a further 4.6%.
Camfin has a separate shareholding agreement with Sinochem, expiring in 2026.