Pirelli is now Chinese owned
As of yesterday (12 October 2015) Marco Polo Industrial Holding’s offer for Pirelli ordinary share capital achieved an acceptance rate of 53.6 per cent. However, because today (13 October) is the last day of the offer period, it is very likely that this percentage will be significantly more at the end of the day. This means the pre-announced plans for ChemChina to buy around two-thirds of Pirelli is well underway and therefore the company is now effectively Chinese-owned.
The latest development was prompted by Marco Polo Industrial’s acquisition of 14,641,061 ordinary shares of Pirelli & C. S.p.A. for a price equal to 15 euros each from CAM 2012 S.p.A. (which is wholly owned by Camfin S.p.A), the former majority shareholder in Pirelli.
And this means China National Chemical Corporation, China National Tire & Rubber Co., Ltd., Camfin S.p.A., Coinv S.p.A. and Long-Term Investments Luxembourg S.A. (which is controlled by Rosneft) are now officially the major shareholders of Pirelli.