After paying 7,100 million , the Chinese company ChemChina took the Italian tire manufacturer Pirelli. The firm founded in 1872 maintain its facilities in Torino, Italy.
C hina National Chemical Corp (ChemChina) stayed with Pirelli fifth largest tire manufacturer in the world after paying 7.100 million euros to reach an agreement that puts one of the greatest symbols of the Italian industry in Chinese hands.
The agreement, which will probably be the biggest purchase of a Chinese company in Italy, Pirelli also give more space to compete against more powerful rivals like Michelin and Continental in their quest for growth in the Asian market.
The Pirelli shareholders approved the agreement that will lead to ChemChina acquires in a first stage, the 26.2% stake, currently held by Cam Finanziaria, then make an offer for the shares remaining at a cost of 15 euros per share.
Italy received with resignation the transfer of Pirelli to Chinese hands.
Pirelli was founded in Milan in 1872 by Giovanni Battista Pirelli . Over the next century, expanded in the area cables, telecommunications and real estate.
In 2001, under the direction of Tronchetti Provera, Pirelli passes control the largest telephone company in Italy Telecom Italia . but that operation was closed in 2007 to put the focus on back tire segment premium , including current tires for Formula 1 .
Last year Pirelli turnover of 6 billion euros, generating profits of over 800 million euros. Under new management by ChemChina the current president of Pirelli Marco Tronchetti Provera remain as CEO of the company, while ChemChina place the new president.
They say the offices and facilities of Pirelli shall remain in Torino despite the company disappears from the trading public.