Pirelli reports 1H 2016 results, approval of Aeolus transfer

29th July 2016 | 0 Comments

Italy’s Pirelli & C. SpA has announced net sales of €3.0 billion during the six months to 30 June 2016. This is 6.6 per cent lower than the net sales achieved by the Pirelli Group in the first half of last year, yet the company says the result represents a year-on-year organic growth of 5.9 per cent (with the same perimeter and net of an 8.8 per cent negative foreign exchange effect). Sales within Pirelli’s Consumer business (car, light commercial and motorcycle tyres) amounted to €2.5 billion, including €1.6 billion of premium products, while Industrial business sales totaled €497.3 million.

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ChemChina to create world’s fourth-largest industrial tyre company

16th June 2016 | 0 Comments

As senior management from Aeolus Tyre disclosed during a Reifen 2016 press conference, the Chinese tyre maker will soon be part of the world’s fourth-largest industrial tyre manufacturing company. This new tyre firm, which has yet to be named, will exist under the umbrella of state-owned concern ChemChina. In addition to Aeolus Tyre, the company will be comprised of Pirelli, which ChemChina acquired last year, and the Italian tyre maker’s new sister companies, Qingdao Yellow Sea Rubber and Double Happiness.

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ChemChina Pirelli buy-out underway

ChemChina Pirelli buy-out underway

12th August 2015 | 0 Comments

The complete buy-out of Pirelli led by ChemChina is now fully underway, following the passing of the 11 August deal closing date. While the exact process is labyrinthine in its detail, the concise version of events is that ChemChina is buying out Pirelli with the firm’s shares being held by a number of holding companies which are themselves owned by a number of different companies. In short ChemChina, businesses owned by Marco Tronchetti Provera and the Rosneft-owned Luxembourg-based Long Term Investmentss will be the major shareholders.

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Pirelli and ChemChina agree closing date, triggering mandatory tender offer

5th August 2015 | 0 Comments

CNRC (ChemChina), Camfin and its shareholders have announced that all the necessary antitrust and regulatory approvals for ChemChina’s purchase of the majority of Pirelli (as announced on 22 March 2015) have been obtained. Therefore the aforementioned parties have agreed to complete the transaction on 11 August 2015. As a result, the pre-announced mandatory tender offer for the remaining shares (at 15 euros each) will be triggered.

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