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Pirelli to be sold to Chinese company
F1 tyre supplier Pirelli is set to come under new Chinese ownership after shareholders agreed to a 7.1 billion euro deal with the ChemChina group. Under the new deal, ChemChina – which is Chinese state-owned – will initially take a 26 per cent stake in the company before launching a full takeover bid. According to Reuters, the bid will be launched by a vehicle controlled by the Chinese state-owned group and part-owned by current owners Camfin investors, who include Pirelli boss Marco Tronchetti Provera, Italian banks UniCredit and Intesa Sanpaolo, and Russia's Rosneft. In doing so, it will bring Pirelli under his tyre-making division and take the company private, in turn bolstering one...
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