Pirelli to be bought by ChemChina

PAR Cycle CanadaPosted on

It seems Italian tire manufacturer Pirelli will soon be bought by the state-owned China National Chemical Corp (ChemChina). A report by Reuters says Pirelli’s top shareholders have already agreed to a deal estimated to be worth around $9.7 billion (that number excluding Pirelli’s net debt). 

China National Tire & Rubber (CNRC), ChemChina’s tire production division, will reportedly acquire a 26.2% stake in Pirelli shares from the Italian holding firm Camfin, and then launch a takeover bid for the remainder. Pirelli’s current management team will be maintained, ChemChina says. 

“The partnership with a global player like ChemChina, through its affiliates, represents a great opportunity for Pirelli,” said Marco Tronchetti Provera, Pirelli chair and chief executive officer. “CNRC’s approach to business and strategic vision guarantee Pirelli’s development and stability.” 

But the deal isn’t done yet, and still needs regulatory approval from both Italian and Chinese authorities.

RECENT ARTICLES



Mv Agusta closes a successful year and gears up production in Schiranna


2024 FC 250 and FC 450 Rockstar Edition models take customization and performance to an exciting new level


Metzeler Karoo 4 tyres and the BMW R 1300 GS: from 0 to 6000 metres above sea level in less than 24 hours


Get to the front of the pack: chase the 2024 KTM 450 SX-F and 250 SX-F Factory Editions


Superveloce Arsham – The most exclusive collaboration in the motorcycle world


Bridgestone Named Official Tire of FAST Riding School