Billionaire Glasenberg Nears Purchase of Bike Maker Pinarello

Ivan Glasenberg is nearing a deal to buy storied Italian bicycle maker Cicli Pinarello Srl, according to people familiar with the situation.

The deal is not complete yet but terms have been broadly agreed upon between the company and Glasenberg, the former Chief Executive Officer of commodities trader Glencore Plc, the people said, asking not to be named discussing private information.