EU gives ChemChina green light for Pirelli purchase

ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.

Camfin representatives confirmed that acquisition process is on-track, saying: “the original timing for closing the transaction with Camfin Sp.A. and Long-Term Investments Luxembourg S.A. is confirmed (i.e. during the summer 2015) and all parties involved are working to finalize the other closing conditions in the shortest possible timeframe.”

Comments closed

We see you are visiting us from China.

If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site Or click below to continue on Tyrepress.