Pirelli turns positive after denying Grizzly Russia claims

Pirelli & C.

04/06/2026 10:20

Adds Pirelli response, updates shares
** Shares in Italy's Pirelli PIRC.MI erases losses after the tyre maker denies Russia exposure allegations by U.S. short-seller Grizzly Research, with the stock turning slightly positive after earlier falling as much as 13%
** "The content of the note from Grizzly Research does not reflect the truth," Pirelli says, adding it will take legal action "in all jurisdictions against those who have spread this false information"
** Grizzly says Russian filings imply about 10% of Pirelli's net profit comes from operations in the country, versus the group's attribution of 6% of revenues to Russia, the Middle East, Africa and India combined
** The fund discloses a short position, and says growth in Russia may be driven by demand linked to the Ukraine invasion
** Pirelli says it does not produce tyres for military use, as "communicated long ago to the relevant Italian authorities" 
** Stock up 0.6%

 (Reporting by Enrico Sciacovelli and Philippe Leroy Beaulieu in Gdansk)
 ((Enrico.sciacovelli@thomsonreuters.com))