MOSCOW, August 19 (RAPSI) - Autorita Garante della Concorrenza e del Mercato, Italian antimonopoly regulator, has approved Rosneft’s application to acquire up to 50% in Camfin, a holding company that controls a 26.19% stake in Pirelli, the world’s fifth largest producer of vehicle tires, RIA Novosti reported Tuesday.

Rosneft said it paid 12 euros per share for its stake in Pirelli.

The deal was closed with pension fund resources and with financial institutions attracted as a project financing initiative with Rosneft participation.

Rosneft President Igor Sechin, Vice President for Commerce and Logistics Didier Casimiro and Finance Director Pyotr Lazarev are the candidates for Pirelli’s board of directors.