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MILAN, July 29 (Reuters) - Italian brake maker Brembo BRBI.MI said on Wednesday it had increased its stake in tyremaker Pirelli PIRC.MI to 4.99% and added it had completed the acquisition process, without giving further details.
The stake is held both directly and indirectly through its Nuova FourB parent company, Brembo said.
Brembo, which makes brakes for automakers including Ferrari RACE.MI and Tesla TSLA.O as well as several Formula One teams, in March announced it had bought a 2.43% stake in Pirelli with "a non-speculative, long-term approach".
The surprise move had raised speculation it could be the first step towards a future integration of the two groups - both focused on premium market segments - to create an Italian heavyweight in car parts supply, as the industry faces the challenges of the transition to electric mobility.
Pirelli, whose tyres are used by Formula One racing teams and automakers such as BMW BMWG.DE and Audi NSUG.DE, was not immediately available for comment.
Pirelli is controlled by China's ChemChina and Silk Road Fund, which jointly hold about 46% and are linked by a shareholder agreement expiring in 2023 to Camfin, the investment vehicle of Pirelli Chief Eexecutive Marco Tronchetti Porvera, which owns a stake just above 10%.
Tronchetti Porvera has said there were no plans for a merger with Brembo and moved on to bolster his influence over the Italian tyremaker with the help of a Chinese partner.
Camfin in May agreed with China's Niu family to create a joint venture that could allow Camfin to control an 18% stake in Pirelli.
(Reporting by Giulio Piovaccari; editing by James Mackenzie and Emelia Sithole-Matarise)
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