The Italian tire manufacturer Pirelli to be transferred to a 7.1 billion-euro business by a Chinese company. The China National Chemical Corporation (ChemChina) announced on Sunday to try to buy the Continental competitors. The tire division of the Chinese will initially take over the 26.2 percent share, the investor Camfin holds Pirelli. Camfin was previously the largest shareholder at Pirelli.
The two companies have agreed according to a joint announcement at a purchase price of 15 euros per share. The Chinese company wants to make an offer for the rest of the traditional Italian company after purchase. The other shareholders will also be offered per share 15 euros. This is slightly less than the closing price of 15.23 euros, with the Pirelli share went into the weekend on Friday. A successful takeover would be the biggest company buying a Chinese company in Italy.
With the acquisition ChemChina, a state-owned company receives, based in Beijing, access to technology for the production of premium tires. Pirelli turn can expect a greater presence in the growing Chinese market. Camfin is majority owned by Russian oil company Rosneft and a holding company of the Pirelli boss Marco Tronchetti Provera. Other shareholders include banks Intesa Sanpaolo and Unicredit.
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