LONDON—Pirelli & C. S.p.A. has dismissed reports that it is in talks with Finnish tire maker Nokian Tyres P.L.C. over a possible merger.
Various United Kingdom news agencies, including Reuters, reported speculation on the London stock exchange about a $10 billion merger between the tire makers, following the Jan. 6 disclosure that Bridgestone Corp. had sold a 7 percent ownership stake in Nokian.
In reply to a query from European Rubber Journal, a Pirelli spokesman said the Milan, Italy-based group had issued an "on-the-record statement that the story is without foundation."
For Nokian, corporate communications manager Tarja Kuittinen said: "Unfortunately we don't comment on market rumors."
ChemChina-owned Pirelli ranks as the world's sixth largest tire maker with sales of $5.13 billion while Nokian is considered 21st with sales of $1.73 billion, according to Rubber & Plastics News' annual Global Tire Report rankings.