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
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
Deal ‘Can Only Benefit’ Pirelli, Provera Says
Pirelli CEO Marco Tronchetti Provera told employees today that the partnership agreement with ChemChina “can only benefit” Pirelli’s factories and employment. On Sunday, Tire Review reported that ChemChina entered into an agreement with Pirelli SpA, agreeing to purchase Camfin’s 26.2% stake of Pirelli. Camfin is Pirelli’s largest shareholder. The deal, which is expected to close
ChemChina, Pirelli Shareholder Reach Agreement
A subsidiary of chemical, rubber and tire giant China National Chemical Corp. will make a takeover bid for Italian tiremaker Pirelli SpA, agreeing on Sunday to purchase the stake of Pirelli’s largest shareholder, according to reports from the New York Times and Reuters. The deal, which is expected to close during the summer, will give the
ChemChina Emerges as Frontrunner in Pirelli Ownership Sweeps
State-owned chemical, rubber and tire giant China National Chemical Corp. (aka ChemChina) has emerged as the reported frontrunner to buy a majority stake in Pirelli SpA. ChemChina counts Aeolus, Yellow Sea, Double Happiness and Torch among its consumer, truck and OTR tire brands. Reuters and Bloomberg reports this morning said ChemChina is close to purchasing