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From Times Staff and Wire Reports
Pirelli Abandons Takeover Bid: Pirelli, the world’s fifth largest tire maker, has abandoned its takeover bid for a German competitor, ending one of the nastiest European corporate takeover battles in recent history. Pirelli said its failed attempt to take over the Continental tire company, the world’s fourth largest tire maker, cost it $290 million. Leopoldo Pirelli, chairman of the troubled Italian tire maker, told reporters that he accepted “full responsibility” for his company’s failure.
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