graphic
News > Deals
Corning in Pirelli buy
October 26, 2000: 7:42 p.m. ET

Corning buys remaining stake in Pirelli optic biz from Cisco
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Corning Inc. agreed Thursday to buy the 10 percent of Pirelli SpA's optical components and devices unit from Cisco Systems Inc. that it did not already own, increasing Corning's ability to globally grow its fiber optic businesses.

Corning bought 90 percent of the business from Italian tire and cable company Pirelli for $3.6 billion in late September. Although the company did not disclose the price paid for Cisco's (CSCO: Research, Estimates) stake, based on the same ratio the stake would be worth $400 million.

The deal is expected to close in late December and U.S. regulators waived the standard 30-day antitrust waiting period.

Pirelli's optical components business is based in Milan.

Shares of Corning (GLW: Research, Estimates) dropped $6.87, nearly 9 percent, to $70. graphic

  RELATED STORIES

Corning in $3.6 billion purchase - Sept. 27, 2000
  RELATED SITES

Corning

Pirelli Company

Cisco

Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.
Home | Contact Us | Advertise with Us | Corrections | Career Opportunities | Site Map
RSS | Email Delivery | Portfolio | Podcasts | Mobile | Widgets | User Preferences | Special Sections
| Magazine Customer Service | Download Fortune Lists | Reprints | Conferences | Business Leader Council