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.”