EL7.AI
StocksMedium•12 November 2026•
4 min read

Pirelli Returns to FTSE MIB on Nov. 12 After Tata Offer Exceeds 90%

Key Facts

1Pirelli entered the FTSE MIB on Nov. 12, 2026, replacing Iveco Group.
2Tata Motors’ offer exceeded the 90% threshold of Iveco’s share capital after the offer period was reopened.
3Banca Generali replaced Recordati in the index effective Nov. 13, after Rispesgni Bidco exceeded the 90% threshold of the share capital.
4Pirelli shares rose 1.41% to 6.835 euros, while the FTSE MIB fell 0.11% to 51,887.95 points in a snapshot at 09:27 on Nov. 12.
5Pirelli’s net profit reached 430.2 million euros in the first nine months of 2026, up 7.4% year on year.

Pirelli returned to the FTSE MIB index effective Nov. 12, 2026, replacing Iveco Group after Tata Motors exceeded the 90% threshold of the company’s share capital following the reopening of its offer period, according to a report by la Repubblica and Teleborsa. The report linked Iveco’s exit to progress on the takeover offer, rather than the index’s regular quarterly review. Pirelli had been on the reserve list set in September, alongside Reply and DiaSorin. The company thus returned to Italy’s main index after leaving it in September 2025. Its shares were replaced at the time by Lottomatica, making the current return just over a year later.

The change came alongside another adjustment to the index’s composition: Banca Generali replaced Recordati effective Nov. 13. Recordati exited after Rispesgni Bidco exceeded the 90% threshold of its share capital following the reopening of the offer, according to the same report. Both cases involved takeover offers reaching a high ownership level, leading to the companies’ replacement in the index. Banca Generali, like Pirelli, was on the reserve list set in September. The changes therefore involved two companies in the FTSE MIB, with Iveco’s replacement taking effect on Nov. 12 and Recordati’s the following day.

The changes also extended to the FTSE Italia Mid Cap index, from which Pirelli and Banca Generali exited as they moved to the main index. Seco entered the mid-cap index effective Nov. 12, while RCS MediaGroup entered effective Nov. 13, according to the report. The changes to the two indexes were thus linked: the promotion of two companies to the FTSE MIB opened two places in the mid-cap index, alongside the departure of Iveco and Recordati from the main index. The move illustrates the effect of takeover deals on index composition, alongside changes resulting from periodic reviews. Pirelli’s return itself was based on its place on the previous reserve list, while the report linked the opening of Iveco’s seat to Tata’s offer surpassing the stated ownership threshold.

FTSE Russell data through Oct. 30 provides context on the index’s size and performance before the changes took effect. The FTSE MIB’s free-float market capitalization stood at about 678.6 billion euros on that date. The index had risen 10.1% since the start of 2026 and 14.7% over the previous twelve months through Oct. 30. That followed a 31.5% gain in 2025, according to figures cited in the report. These metrics relate to the FTSE MIB’s performance and do not measure the effect of Pirelli’s return on its shares or the flows associated with the index’s constituent changes.

In a trading snapshot published at 09:27 on Nov. 12, Pirelli shares rose 1.41% to 6.835 euros, while the FTSE MIB fell 0.11% to 51,887.95 points, according to the Borsa Italiana page. The snapshot shows the stock and index moving in opposite directions at that time, but does not by itself establish that the index membership change caused the share-price move. On the company’s results, Pirelli said net profit reached 430.2 million euros in the first nine months of 2026, up 7.4% from 400.6 million euros in the same period of 2025. The company said its adjusted EBIT margin was 15.9% in the first nine months. It also said the high-value segment’s share of sales rose to 82%, from 79% in the same period of 2025.

Pirelli said original-equipment demand remained weak and standard tire volumes fell 9% in the first nine months of 2026 and 11% in the third quarter. The company attributed this trend to its strategy of increasing selectivity, particularly in South America, by reducing exposure to lower-margin segments. Pirelli reaffirmed its 2026 targets despite what it described as a deterioration in external conditions, saying the adjusted EBIT margin of 15.9% was consistent with a target of about 16%. These operating indicators come as the company regains its place in the main index, after leaving it in the September 2025 review. The next quarterly FTSE MIB review is expected in December 2026.