Tony Posted March 23, 2015 Report Share Posted March 23, 2015 Pirelli shareholding to be controlled by ChemChina In the early hours of 23 March 2015 Beijing Time, ChemChina's China National Tire & Rubber Co. (CNRC) subsidiary signed an agreement with Camfin S.p.A. to purchase Camfin's 26.2 per cent Pirelli shareholding at 15 euros a share. This values Pirelli at around 7.1 billion euros (£5.15 billion pounds). A joint tender offer by ChemChina, Camfin and other investors on the rest of Pirelli's shares is now expected to follow. An official statement confirming the reports that have been circulating for the last week explained that the agreement is designed to ensure that the operation and management team of Pirelli will remain relatively stable. Read the whole article (free) Related news links Who is ChemChina? ChemChina front-runner to buy Pirelli Pirelli comments on acquisition speculation Reports: Pirelli being sold to an Asian partner Tronchetti Provera bids Pirelli adieu 1 Quote Link to comment Share on other sites More sharing options...
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