China National Chemical Corp’s agreement with the controlling shareholders of Pirelli, the tyremaker, paves the way for a €7bn takeover of the Italian group, marking the latest Italian foray by China investors.
It underlines the dealmaking savvy of Marco Tronchetti Provera, Pirelli’s chairman and chief executive for more than 20 years.
Under the deal, announced on Sunday, CNCC will acquire the holding group Camfin, which owns 26 per cent of Pirelli, at €15 per share as a first step, before launching a full takeover.
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