Aeolus to Be Renamed Prometeon Tyre Group
The ChemChina-owned tire company Aeolus will be renamed Prometeon Tyre Group Co. Ltd., following the completed transaction of the integration of TP Industrial Holding’s industrial activities, Tyres & Accessories reports.
Report: Conti, Michelin Considering Kumho Tire Acquisition
Continental AG is reportedly in talks to join the bidding for Kumho Tire Co., The Korean Herald reports. Other companies interested in acquiring Kumho include Chinese state-owned ChemChina and France’s Michelin, according to the report. Analysts have further said that Kumho is an attractive buy to global firms because of its several plants in China
ChemChina Flashes Pirelli at Reifen China Booth
With ChemChina’s completing the purchase of Pirelli SpA, the first signs of how Pirelli will be integrated into the ChemChina tire group are emerging. Walking into the ChemChina stand, the first you notice is the Pirelli logo at the head of a list of group-owned tire business, in at least two prominent positions on the
Aeolus: 50 Years to a Global Brand
Aeolus Tyre Co. welcomed its OEMs, wholesalers and tire dealers from more than 50 countries to the Chinese city of Jiaozuo to be a part of the tiremaker’s 50th anniversary. Aeolus kicked off the September celebration at its 50 Anniversary Conference in the Taiji gymnasium with dancing, music and speeches. During its 50-year celebration, the
ChemChina Chairman Now Heads Pirelli Board
Following its acquisition by China National Chemical Corp. (ChemChina), Pirelli & C. SpA has announced a new board of directors. Heading up the new board is Ren Jianxin, chairman of ChemChina. Marco Tonchetti Provera, previous board chairman, will serve as executive vice-president of the board and CEO of Pirelli. “I am delighted to welcome Ren Jianxin as Chairman of Pirelli. The
Pirelli Board Members Resign
Members of Pirelli & C. SpA’s board of directors have tendered their resignations from the company. Effective October 19, Anna Maria Artoni, Didier Casimiro, Ivan Glasenberg, Petr Lazarev and Igor Soglaev will no longer be on the company’s board of directors. Board members Paolo Fiorentino and Gaetano Miccichè resigned from the company’s board of directors
ChemChina Completes Pirelli Buy-out
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,
ChemChina’s Pirelli Buy-out Advancing
China National Chemical Corp. ’s (ChemChina) complete buy-out of Pirelli & C. SpA is in progress after the closing deal was passed Aug. 11, according to Tyres & Accessories. With the new deal, ChemChina leads the buy-out, but other businesses will also own Pirelli shares. ChemChina, businesses owned by CEO Marco Tronchetti Provera and the
Pirelli, ChemChina Agree to Closing Date
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. First announced in March, ChemChina has agreed to purchase Pirelli’s majority shares from holding company Camfin for roughly $7.6 billion. Under a
EU Regulators Approve Chinese Takeover of Pirelli
China’s state-owned National Chemical Corp (ChemChina) took over Italy’s Pirelli, the fifth-largest tire maker, after European Union antitrust regulators approved its proposal on Thursday, reports Europe Online Magazine. Through its subsidiary, China National Tire & Rubber, ChemChina produces radial and off-road tires. “The proposed transaction [will] raise no competition concerns as the market share increments are modest,
ChemChina Secures Additional Pirelli Shares
ChemChina has reached an agreement to acquire additional Pirelli stock. ChemChina agreed on Monday to purchase a 1.574% stake in Pirelli held by Edizione Srl, according to a Reuters report. The agreement with the Italian tiremaker boosts ChemChina’s ordinary shares of Pirelli under contact to more than 30%. Last month, the Chinese company announced its
Of Mice, Men and Where the ChemChina-Pirelli Deal Will Take Us
Ren Jianxin, the 57-year-old chairman, referred to the $7.7 billion acquisition of Pirelli SpA, as “revolutionary” for ChemChina, almost as though it was the mouse that had swallowed the elephant. In fact, Ren’s ChemChina, which he created 30 years ago on a $1,600 government loan, is six times Pirelli’s size, certainly the elephant in most