News Details
ChemChina to buy Pirelli for $7.7 billion
China National Chemical Corp (ChemChina) is to buy the world's fifth-largest tire maker Pirelli (PECI.MI), in a 7.1 billion-euro ($7.7 billion) deal that will put the 143-year-old Italian company in Chinese hands. ChemChina said it is buying 26.2 per cent stake in Pirelli Tyre S.p.A. from its biggest shareholder, Camfin S.p.A., which is controlled by the family of Pirelli Chairman Marco Tronchetti Provera. The company said it would offer to buy the remaining outstanding shares. If completed the deal would value Pirelli at $8.8 billion, according to financial information provider Dealogic… more to follow
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