(Adds comments managers, title updates) MILAN, March 23 (Reuters) – Pirelli starts to close just above the set price for the tender offer to be launched as part of the operation which will see the ‘ entrance into the Chinese ChemChina. The market remains divided on the fairness of the offer price and remains at the window waiting for some details still missing as, for example, the amount of the dividend that will be distributed on 2014. “There is still time to decide whether to join or not takeover bid that would take away just before the summer. The price of 15 euro it seems reasonable but in the press there is no reference to the dividend because it is not yet been decided (it will be March 31). The consensus is for a coupon of 40 cents, and in fact the title is moving around 15.4 euro, “says a manager of an Italian asset manager who has just invested in Pirelli more than 20 million between ordinary and savings shares. “The statement leaves little room for a review of the tender offer price even if the fact that the dividend has not yet been decided to open a ‘sweetener’ that could be decided March 31 along with the ordinary dividend,” he adds. A report of Banca Akros indicates a target price for Pirelli to 15.5 euro, adding that the dividend on the accounts in 2014 is expected at 44 cents, and that there could be more than 50 cent coupon extraordinary, for the sale of Steel Cord . A trader estimate to 38 cents ordinary dividend and believes that the actions already scontino, to some extent, expectations of an upward revision of the offer price. “Let’s say the bid to 15 euro is ‘not entirely fair’,” said a broker. “According to our analyst now worth well more considered that the deal could lead to a future creation of at least 3 euro. It would therefore be reasonable to pay an extra dividend before the takeover.” At 17.15 Italian, Pirelli is rising 1.84% to EUR 15.51 per share, with trading to 19.95 million pieces of almost five times the monthly average. More …
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