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Italian tyre maker Pirelli to be bought by ChemChina

Discussion in 'General Motorcycling Discussion' started by AdamA, Mar 24, 2015.

  1. Source: http://www.bbc.com/news/business-32015529

    Chinese state-owned China National Chemical (ChemChina) is to buy Italian tyre maker Pirelli in a deal which values the firm at €7.1bn (£5.1bn).

    The move is the latest in a string of takeovers in Italy by cash-rich Chinese buyers.

    The takeover gives ChemChina access to technology to make premium tyres and gives Pirelli greater access to the Chinese market.

    Pirelli shares were 2.56% higher at €15.62 on Monday on the news.

    ChemChina's tyre making unit, China National Tire & Rubber, is to buy the 26.2% stake in Pirelli owned by Italian investment firm Camfin. It will then launch an offer for the remaining shares.

    Camfin said the bid would be launched by a consortium controlled by ChemChina but also part-owned by Camfin investors, who include Pirelli boss Marco Tronchetti Provera, Italian banks UniCredit and Intesa Sanpaolo, and Russia's Rosneft.

    The offer will be launched at €15 per share, valuing the group at €7.1bn excluding net debt of almost €1bn.

    Following reports of the deal on Friday, shares in Milan-listed Pirelli hit a 25-year high, closing at €15.23.

    Current Pirelli chief executive Tronchetti Provera, who started working for tyre maker in 1986 after marrying a member of the Italian family that founded the firm, will remain in his post.

    Previous Chinese acquisitions in Italy include stakes in power grid firms Terna and Snam, turbine maker Ansaldo and luxury yacht maker Ferretti.
    • Informative Informative x 1
  2. The company I work was for taken over by Chem China 10 years ago... no problems at all.

    Goodluck to Pirelli - welcome to the family. lol (wonder if I can get an internal transfer...)
    • Funny Funny x 1
  3. robsalvvrobsalvv no harm in asking.. how is your Italian?
  4. Si mi chiamo Roberto.

    Mi dispiace perche I mi italiano non e molto bene. Spero che fra un poco tempo che trovo piu facile.

  5. According to Google translate;
    My name is Roberto.

    I'm sorry because I my Italian is not very good. I hope that in a short time that I find easier.

    Is the quality of the translate tool being reflected in the translation, or is the author the problem? :rolleyes:

    Either way your Italian is better than mine, about all I can manage is a few swear words and count to ten.
  6. Definitely author issue. lol
  7. Dunno about a transfer but maybe you can wangle staff discount for hoops!
  8. Pah - all you need to know is "uno birra prego"
    • Like Like x 1