Pirelli shareholding to be controlled by ChemChina

23rd March 2015 | 1 Comment
 
Pirelli shareholding to be controlled by ChemChina
Before the Pirelli talks, Aeolus was probably ChemChina's best known tyre brand, but other tyre makers in the ChemChina rubber group include Yellow Sea, Double Happiness and Torch

In the early hours of 23 March 2015 Beijing Time, ChemChina’s China National Tire & Rubber Co. (CNRC) subsidiary signed an agreement with Camfin S.p.A. to purchase Camfin’s 26.2 per cent Pirelli shareholding at 15 euros a share. This values Pirelli at around 7.1 billion euros (£5.15 billion pounds). A joint tender offer by ChemChina, Camfin and other investors on the rest of Pirelli’s shareholding is now expected to follow.

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