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ChemChina to Buy Controlling Stake in Pirelli
Keywords:
ChemChina, a unit of China National Chemical, plans to acquire Italian tiremaker Pirelli & C. SpA. The intial bid id for a 26% stake in Pirelli owned by Camfin for 1.8 billion euros. The next step is for ChemChina to bid for the rest of Pirelli's stock outstanding at $15 a share. This values Pirelli at about 7.1 billion euros. China National Tire & Rubber Co., the ChemChina unit, gains from the acquisition by acquiring Pirelli's technology to upgrade its products and increase market share in China. Pirelli's CEO Provera will remain CEO and headquarters, R&D, will remain in Milan.
ChemChina's planned acquisition of a controlling stake in Italy's tire maker Pirelli in 2015
03/22/2015
This is the largest acquisition of an Italian company by a state owned Chinese company, and the first for a controlling stake. Pirelli's headquarters, R&D, will remain in Milan, Italy and Italian CEO Provera will remain in his position.
Grouped Articles
ChemChina to Buy Controlling Stake in Pirelli
Wall Street Journal 03/27/2015
Pirelli’s Chinese Buyer May Not Deliver More to Investors
Wall Street Journal 03/27/2015
China National Chemical Unit Nears Deal for Tire Maker Pirelli
New York Times 03/22/2015
ChemChina Nears Deal to Buy Syngenta
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Italy's tiremaker Pirelli
03/22/2015
Grouped Articles
ChemChina to Buy Controlling Stake in Pirelli
Wall Street Journal 03/27/2015
Pirelli’s Chinese Buyer May Not Deliver More to Investors
Wall Street Journal 03/27/2015
China National Chemical Unit Nears Deal for Tire Maker Pirelli
New York Times 03/22/2015
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