Billionaire Ivan Glasenberg reportedly has deal to buy Italian bike maker

Ivan Glasenberg, a spokeswoman for Bloomberg, said that Ivan Glasenberg has a deal to buy storied Italian bicycle maker Cicli Pinarello Srl.

The deal has not completed yet, but terms have been widely agreed between Glasenberg, the former chief executive of commodities trader Glencore Plc, the company said in a statement.

According to Bloomberg's Billionaires Index, Glasenberg's net worth is $7.8 billion. In 2016 a French luxury company, L Catterton, backed by French luxury group LVMH Moet Hennessy and Louis Vuitton SE, bought a majority stake in Pinarello.

Representatives for Pinarello and L Catterton also declined to comment.

The eponymous company of Giovanni Pinarello was founded in the outskirts of Treviso, Italy in the early 1950s, establishing a renowned reputation for high-end bicycles.

Pinarello, a favored destination of hard-core cyclists, has won a plethora of awards over the years, including Olympic gold medals and prestigious stage races.

Riders including Spain's Miguel Indurain and Britain's Bradley Wiggins and Chris Froome have won the Tour de France riding Pinarellos.

The Italian newspaper Il Messaggero reported yesterday that Glasenberg was in pole position to buy the bike maker.

With assistance from Jack Farchy and Luca Casiraghi.

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