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You are here: Home1 / Chemchina

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Aeolus officially controls 100% of Prometeon Tyre Group

Company News, International News
Source: T&A research

On 4 August 2022, Aeolus announced it was ready to sign a supplementary agreement with China National Tyre & Rubber Co., Ltd (CNRC). Through that agreement, CNRC has entrusted Aeolus with a 38 per cent stake in Prometeon Tyre Group S.r.l. (PTG).

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Related news:

  1. Pirelli truck tyres separating and merging with Aeolus/ChemChina
  2. Prometeon/Aeolus integration stalls
  3. Yokohama Prometeon bid nearing completion, Aeolus Tyres now involved
  4. Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion
10th August 2022/1 Comment/by Xuda Wang

Giorgio Luca Bruno named Pirelli’s next CEO

Career Tracks

Giorgio Luca Bruno will succeed Marco Tronchetti Provera as chief executive officer of Pirelli. In a statement published on Monday, Pirelli investor Camfin S.p.A announced that Bruno will take responsibility for the operational implementation of the group’s strategies, freeing Tronchetti Provera to guide group strategy and oversee the implementation of the Pirelli business plan as executive vice-chairman, a role he is confirmed to hold until spring 2026. Camfin views the transition as one that ensures the “continuation of the managerial culture of Pirelli.”

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. Pirelli industrial/consumer tyre business split continues
  3. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
  4. Pirelli shareholders appeal for better ChemChina offer
18th May 2022/by Stephen

Yang Xingqiang resigns from Pirelli BoD

Career Tracks

On 28 April, Yang Xingqiang resigned from his role of director at Pirelli & C. SpA. The tyre maker says the reason for his resignation, which takes effect with the next Board of Directors meeting on 10 May, is “a recent and unexpected concentration of new personal commitments.”

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Related news:

  1. ChemChina chairman against Pirelli job cuts, pro Italian re-listing
  2. Wang Feng resigns as Aeolus Tyre chairman
  3. Pirelli on track for a 2018 IPO
  4. Ning Gaoning gains Fortune CEO Lifetime Achievement Award
2nd May 2022/by Stephen

Sinochem Holdings established through ChemChina, Sinochem restructuring

Company News, International News

The restructuring of Sinochem Group Co., Ltd. and China National Chemical Corporation Ltd. (ChemChina) has resulted in the establishment of a new entity, Sinochem Holdings Corporation Ltd. (Sinochem Holdings). As of 8 May 2021, both Sinochem Group and ChemChina became wholly-owned subsidiaries of the new state-owned enterprise, which is said to be the world’s largest chemical conglomerate.

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Related news:

  1. ChemChina names Sinochem boss as new chairman
  2. Pirelli major shareholder Chemchina restructuring
  3. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
  4. China’s State Council approves ChemChina, Sinochem restructuring
11th May 2021/by Stephen

China’s State Council approves ChemChina, Sinochem restructuring

International News

On 31 March, Pirelli & C. S.p.A. received a notification letter from China National Chemical Corporation Ltd. (ChemChina) stating that ChemChina had received a notice regarding its restructuring and that of Sinochem Group Co., Ltd., (Sinochem Group) from the State-owned Assets Supervision and Administration Commission (SASAC), a commission of the State Council of the People’s Republic of China.

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Related news:

  1. Pirelli major shareholder Chemchina restructuring
  2. Who is ChemChina?
  3. Pirelli truck tyre business to merge with Aeolus
  4. ChemChina now holds 30% of Pirelli shares
7th April 2021/by Stephen

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. Pirelli reverse merges with Marco Polo
  4. Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion
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.

Read more

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.”

Read more

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.

Read more

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
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