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You are here: Home1 / Chemchina

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ChemChina entrusts Aeolus with Prometeon Tyre Group shares

Company News, International News
Prometeon share ownership pie chart

Aeolus Tyre Co Ltd and its controlling shareholder, China National Tire & Rubber Co. Ltd (CNRC, which is itself owned by Chinese petrochemical giant ChemChina) executed a “share entrustment agreement” on 30 November 2020. According to the agreement, CNRC will “entrust” its 52 per cent shareholding in Prometeon Tyre Group Srl to Aeolus for three years. But the three-year term will be automatically renewed upon expiry.

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Related news:

  1. Prometeon/Aeolus integration stalls
  2. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  3. Camfin gains right to buy up to 15% of Pirelli shares
  4. Pirelli: Nokian merger rumours false
11th December 2020/by Chris

Pirelli shareholders amend agreement, some parties end co-investment accord

Company News, International News

Pirelli’s largest shareholders have amended their ownership agreement and – at the same time – certain parties have ended their co-investment stance in relation to each other.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Pirelli major shareholder Chemchina restructuring
  3. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
  4. ChemChina’s latest Pirelli shares held indirectly
15th October 2020/by Chris

Pirelli major shareholder Chemchina restructuring

Company News, International News
Pirelli ChemChina

On 23 January 2020, Pirelli & C. S.p.A. received a notification letter from its largest shareholder, China National Chemical Corporation Ltd. (ChemChina), informing the firm that it is undergoing “strategic restructuring”. The restructuring notice covered both ChemChina and Sinochem Group Co., Ltd.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. ChemChina’s latest Pirelli shares held indirectly
  3. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  4. Regulator approves ChemChina/Pirelli offers
27th January 2020/by Chris

Pirelli: Nokian merger rumours false

Company News, International News

Market rumours that Pirelli is considering a €9 billion (£7.7 billion) merger with Finland’s Nokian Tyres have been quashed by company spokespeople. Reports that such a deal was on the horizon emerged in mid-January and were then fuelled by re-reporting in the British and Italian press. However, these stories are “without foundation”, according to two Milan-based Pirelli spokespeople that Tyres & Accessories interacted with. Nokian has yet to comment.

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Related news:

  1. Camfin gains right to buy up to 15% of Pirelli shares
  2. Pirelli shareholders appeal for better ChemChina offer
  3. EU gives ChemChina green light for Pirelli purchase
  4. Pirelli reverse merges with Marco Polo
20th January 2020/by Chris

Pirelli shareholders’ agreement renewed

Company News

A three-year extension to the Shareholders’ Agreement covering the governance of Pirelli & C. S.p.A was agreed upon yesterday. This extension will take effect from the publication date of the notice convening the Pirelli shareholders’ meeting for approving the company’s 2019 financial statements.

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Related news:

  1. Pirelli in talks with a number of bidders before ChemChina deal
  2. Pirelli shareholders appeal for better ChemChina offer
  3. Ren Jianxin comments on Pirelli acquisition
  4. Pirelli signs R&D competitiveness agreement with regional government
2nd August 2019/by Stephen

Ning Gaoning gains Fortune CEO Lifetime Achievement Award

Career Tracks, International News

An addition to the executive silverware cabinet: During last week’s Fortune China CEO Summit, Sinochem ChemChina and Pirelli chairman Ning Gaoning was the recipient of a Fortune CEO Lifetime Achievement Award.

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Related news:

  1. ChemChina names Sinochem boss as new chairman
  2. Ning Gaoning tipped to become Pirelli’s new chairman
  3. Ning confirmed as Pirelli chairman
  4. Pirelli major shareholder Chemchina restructuring
14th September 2018/by Stephen

Ning confirmed as Pirelli chairman

Career Tracks

As expected, Ning Gaoning has been co-opted to the Board of Directors at Pirelli & C. S.p.A. and appointed chairman. Ning, who is also chairman of Chinese state-owned petrochemical and fertiliser company Sinochem as well as chairman of Pirelli parent company ChemChina, succeeds Ren Jianxin. Ren relinquished all roles he held on the Board of Directors at Pirelli & C. S.p.A. on 30 July.

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Related news:

  1. ChemChina names Sinochem boss as new chairman
  2. Ning Gaoning tipped to become Pirelli’s new chairman
  3. ChemChina chairman against Pirelli job cuts, pro Italian re-listing
  4. Ning Gaoning gains Fortune CEO Lifetime Achievement Award
10th August 2018/by Stephen

Ning Gaoning tipped to become Pirelli’s new chairman

Career Tracks

As a consequence of his announced retirement as chairman of China National Chemical Corporation (ChemChina), Ren Jianxin has resigned from all roles he held on the Board of Directors at Pirelli & C. S.p.A. His resignation took effect 30 July. Pirelli has officially thanked Ren for his “contribution to the company in these years.”

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Related news:

  1. ChemChina chairman against Pirelli job cuts, pro Italian re-listing
  2. Ning confirmed as Pirelli chairman
  3. Pirelli in talks with a number of bidders before ChemChina deal
  4. Tronchetti: Pirelli/ChemChina deal won’t affect employment
2nd August 2018/by Stephen

ChemChina names Sinochem boss as new chairman

Career Tracks

Ren Jianxin has retired as chairman of ChemChina. His successor has been named as Ning Gaoning (Frank Ning), who concurrently serves as chairman of Chinese state-owned petrochemical and fertiliser company Sinochem. Ren’s replacement by the chairman of ChemChina’s rival is considered by many a precursor to a merger between the two firms, an arrangement that would create a group with annual turnover in excess of £100 billion.

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Related news:

  1. Ning confirmed as Pirelli chairman
  2. Ning Gaoning gains Fortune CEO Lifetime Achievement Award
  3. Ning Gaoning tipped to become Pirelli’s new chairman
  4. Pirelli major shareholder Chemchina restructuring
27th July 2018/by Stephen

Prometeon/Aeolus integration stalls

Company News, International News

The integration of Prometeon Tyre Group (the former Pirelli Industrial business) and Aeolus Tyre Co. Ltd has stalled after Aeolus’ pending acquisition of a 90 per cent stake in Prometeon failed to gain overseas acquisition approval from Chinese authorities before the 31 December 2017 deadline.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Pirelli industrial/consumer tyre business split continues
  3. Camfin gains right to buy up to 15% of Pirelli shares
  4. ChemChina entrusts Aeolus with Prometeon Tyre Group shares
18th January 2018/by Chris

Pirelli IPO marks landmark in new ownership structure

Company News, International News, Premium

If Pirelli’s sale to the ChemChina-led consortium in 2015, along with the legal and integration work in 2016 wasn’t enough, 2017 is proving to have been another complex and busy year for Pirelli. The last 12 months have seen the company pass two key landmarks in its post-acquisition strategy: the separation of the industrial tyre business (including industrial, truck, OTR and agricultural operations) into the new Prometeon Tyre Group in the first part of year; and the successful re-listing of the Pirelli in the autumn. The latest news is that Pirelli’s major shareholder – Marco Polo International – has increased its shareholding in Pirelli following the IPO by exercising a greenshoe option.

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. ChemChina proudly showing Pirelli connection
  3. Wang Feng resigns as Aeolus Tyre chairman
  4. Pirelli truck tyres separating and merging with Aeolus/ChemChina
4th December 2017/by admin

Kumho takeover implosion isn’t the end of market consolidation attempts

Company News, Editorial/Comment, International News, Premium

No I am not talking about the unqualifiable rumours that Doublestar made an offer of up to 250 million euros for Zenises. Rather, that in the first week of September we learnt that Doublestar’s proposed acquisition of Kumho was collapsing before the firm’s eyes after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. And it is also worth considering what all this means for the wider tyre manufacturing sector.

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Related news:

  1. Giti enters the top 10 of leading tyre manufacturers
  2. 2015 tyre manufacturer rankings: Stability at the top?
  3. 4×4 or SUV tyre sector?
  4. Triangle returns to China car tyre top 10, Michelin retains top spot
9th October 2017/by admin

Aeolus continues to rise in Chinese tyre market

International News, Premium

With one industry insider calling ChemChina’s acquisition of Pirelli “a genius move”, it would have been remiss of us not to take the opportunity to spend time with new Aeolus general manager Giovanni Pomati and find out more about how the changes affect the best-known ChemChina brand (Aeolus) and the company’s views on the latest changes in the Chinese marketplace during Tyres & Accessories recent visit to China.

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Related news:

  1. Pirelli truck tyres separating and merging with Aeolus/ChemChina
  2. Who is ChemChina?
  3. ChemChina proudly showing Pirelli connection
  4. Wang Feng resigns as Aeolus Tyre chairman
4th October 2017/by admin

Reports: Pirelli IPO set for October

Company News, International News

Pirelli is set sell up to 40 per cent of its equity capital in an initial public offering (IPO) on the Milan stock exchange in October.

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Related news:

  1. Pirelli IPO marks landmark in new ownership structure
  2. ChemChina’s latest Pirelli shares held indirectly
  3. Pirelli is now Chinese owned
  4. Pirelli reverse merges with Marco Polo
6th September 2017/by admin

ChemChina signs Industry 4.0 MOU with Fraunhofer

International News

On August 1, 2017 China National Chemical Equipment (CNCE; also known as ChemChian) and Fraunhofer Institute for Manufacturing Engineering and Automation (Fraunhofer) under Fraunhofer-Gesellschaft signed a strategic cooperation memorandum of understanding (MOU) in Munich. According to the MOU, the two sides will cooperate with each other in the fields of new chemical materials, intelligent manufacturing, automation and information technology.

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Related news:

  1. ChemChina to focus on “scientific development”
  2. Romanian Graduates More Motivated than German Counterparts
  3. Hankook to bring Korea R&D activities under one roof
  4. Kumho opens new R&D headquarters
4th September 2017/by admin
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