Rosneft Archives - Tire Review Magazine
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

Rosneft 13% Stake in Pirelli Official

The final step in Rosneft quest to purchase 13% stake of Pirelli is complete following approval from the Italian government’s anti-monopoly committee. Rosneft purchased its stake in the tiremaker through various banks for $670 million and agreed to take on 250 million euros of Pirelli’s debt, The Moscow Times reported. According to the company’s financial

Pirelli’s Russian Stakeholder Faces U.S. Sanctions

The global tire industry is far from immune from the effects of international affairs, as Pirelli SpA majority shareholder has learned. In its continuing response to Russia’s involvement in the current unrest in Ukraine, the U.S. government last week turned up the heat, placing Russian oil giant Rosneft on its economic sanctions list. The sanctions,

Rosneft Execs Get Three Seats on Pirelli Board

The board of directors of Pirelli SpA added four new members, according to news reports from Europe, including three executives from the tiremaker’s largest shareholder, Russian oil company Rosneft. Reports say that Glencore CEO Ivan Glasenberg joined Pirelli’s board as an independent non-executive director. Glencore is an Anglo-Swiss multinational commodity trading and mining company headquartered in Baar, Switzerland. Also added to the

Rosneft Gains Funding for Pirelli Purchase

Late last month, Russia’s Rosneft disclosed it has attracted investments from pension capital funds and financial institutions to fund its 50% acquisition of the holding company that owns 26.19% of all shares in Pirelli & C. S.p.A., and can thus close the deal upon receiving approval from regulatory authorities. When the acquisition is given the

Rosneft Purchases 13% of Pirelli

Russian oil major, Rosneft has bought into Pirelli, taking control of 50% of the holding group controlling Pirelli and a 13% of the tiremaker itself. The purchase makes the Russian group the largest single shareholder in Pirelli. The deal is being characterized as a solidification of the company’s partnership with Rosneft in Russia, which is