MILAN (Reuters) - Pirelli <PIRC.MI> shareholder Camfin said on Wednesday its board had renewed an authorisation to buy up to 5% of the tyre-maker's shares.
The new authorization, which will expire in April 2020, follows a green-light to purchase up to 2% of Pirelli announced in October last year, Camfin said in a statement.
The board "considered that the present stock market values of Pirelli do not reflect its fundamentals or its growth potential," Camfin added.
Investment vehicle Camfin, which holds about 10% of Pirelli, and Chinese investors, which jointly own around 45.5% of the group, said in July they had extended until 2023 a shareholder agreement giving them the control of the Italian firm.
(Reporting by Giulio Piovaccari; editing by Francesca Landini)