ChemChina now holds 30% of Pirelli shares
Following news of the company’s plans to takeover Pirelli based on purchasing Camfin’s leading shareholding in the Italian tyre manufacturer, ChemChina has revealed that it has made a deal with Edizione Srl for an additional Pirelli stake. The latest share purchase suggests ChemChina is in the second phase of its acquisition en route to a publically stated goal of owning 65 per cent of Pirelli.
According to various news sources, ChemChina’s deal with Edizione Srl sees the Chinese firm agree to buy the 1.574 per cent of Pirelli held by Edizione, again at 15 euros a share (just like the rest of the share purchase deal). A second part of the deal sees ChemChina agree to buy exchangeable shares representing 3.034 per cent of Pirelli indirectly held by Edizione through separate entity Schematrentaquattro.
And this means ChemChina now holds a total of around 30 per cent of Pirelli shares.