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Pirelli, ChemChina Agree to Closing Date

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All the necessary antitrust and regulatory approvals for China National Chemical Corp.’s (ChemChina) majority share purchase of Pirelli & C. SpA have been obtained and the deal will be complete on Aug. 11.

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First announced in March, ChemChina has agreed to purchase Pirelli’s majority shares from holding company Camfin for roughly $7.6 billion.

Under a previously made agreement, ChemChina will launch a mandatory tender offer for the remaining shares at 15 euros each.

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