Cisco will sell remaining Pirelli shares to Corning

17 Jun 2002

Corning has announced that Cisco Systems Incorporated plans to exercise its right to sell its 10% stake in Pirelli's SpA's optical components and devices business to Corning.

Corning said that Cisco has agreed to take shares of Corning's common stock for its 10% stake in Pirelli's optical components and devices business.

In September, Corning announced it had agreed to purchase Pirelli's 90 percent interest in the business for approximately USD3.6 billion in cash. Pirelli's optical components business, based in Milan, Italy manufactures lithium niobate modulators, pump lasers, certain specialty fibers and fiber gratings used in optical networks. Corning expects the transactions to close concurrently in late December, 2000. Corning also announced that the U.S. Federal Trade Commission Pre-merger Office had granted early termination of the normal 30-day antitrust waiting period.