(Alliance News) - Pirelli Spa announced on Thursday that the claims made in a report released by Grizzly Research are untrue, reiterating that the allegations leveled against the group are entirely unfounded.

The company specified, among other points, that it does not manufacture tires for military purposes, a fact that has already been established and disclosed to the relevant Italian authorities for some time.

To protect its shareholders and corporate reputation, Pirelli has instructed the law firm Gatti Pavesi Bianchi Ludovici to take all necessary legal action in the appropriate jurisdictions against the dissemination of information deemed false and defamatory.

Pirelli shares were trading down 1.8% at EUR6.02 on Thursday.

By Maurizio Carta, Alliance News reporter

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