Marco Polo Industrial Holdings, set up to carry out China National Chemical Corp.’s (ChemChina) majority acquisition of Pirelli & C. S.p.A., has acquired roughly 70.6% of the Pirelli shares targeted by its mandatory tender offer. These shares equate to roughly 54% stake in Pirelli and added to previously purchased stock Marco Polo Industrial Holdings owns, for a total of approximately 87% of Pirelli, according to Reuters.

This 87% stake is just below the 90% threshold that would require the automatic buy-out of the remaining investors, removing Pirelli from the stock market.

In March, ChemChina agreed to become the largest shareholder of Pirelli as part of a roughly $7.7 billion deal.

ChemChina has a 65% stake in Marco Polo Industrial Holdings, with the remainder shared with Camfin S.p.A., UnoCredit, Intesa Sanpaolo and Rosnet owned Long-Term Investments Luxembourg S.A.