Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Rubber Division IEC
    • ITEC
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • War in Ukraine
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • 2022 Hose & Belt Manufacturers Conference
    • 2022 International Silicone Conference
    • 2022 International Tire Exhibition & Conference (ITEC)
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
September 30, 2015 02:00 AM

ChemChina acquires 45 million Pirelli shares

Tire Business Report
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    MILAN, Italy—Marco Polo Industrial Holding S.p.A., the vehicle China National Chemical Corp. (ChemChina) is using to buy Pirelli & C. S.p.A. shares, has struck two deals comprising more than 45 million Pirelli shares.

    The deals, covering shares owned by certain investment funds controlled by investment management firm Paulson & Co. Inc., are set to close Oct. 6 at the agreed-upon price of 15 Euros per share, or $764 million, according to a statement by Pirelli.

    The deals cover 45.1 million ordinary shares and 190,307 savings shares, according to the statement, issued by Marco Polo Industrial Holding on Pirelli's behalf.

    Marco Polo Industrial Holding is a company indirectly controlled by ChemChina's China National Tire & Rubber Co. Ltd. subsidiary set up to carry out ChemChina's offer for control of Pirelli.

    ChemChina's offer opened Sept. 9 and runs through the end of trading on Oct. 13, “barring extensions of the voluntary bid.”

    According to notice posted by the Commissione Nazionale per le Societa e la Borsa (Consorb) a few weeks ago, Marco Polo Industrial Holding controlled 26.2 percent of Pirelli's ordinary shares, through its purchase outright of 96.8 million shares controlled by Italian investment company Camfin S.p.A. and via indirect control of additional shares through an investors' consortium.

    Related Articles
    ChemChina launches offer for Pirelli stock
    ChemChina's tender offer receives approval
    ChemChina to acquire SR project from Russian firm
    Aeolus adjusts global tire strategy
    ChemChina secures 87% of Pirelli shares
    ChemChina takeover could lead to early loan reimbursments
    FIA renews Pirelli's F1 tire deal
    New Pirelli chairman Jianxin sees 'growth on horizon'
    Pirelli schedules vote on ChemChina merger
    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Updated: Conti fined for compound mixer explosion, shears accident
    2
    Kumho on road to zero with sustainable products, operations
    3
    Stakes high as global NR industry urgently seeks alternate supply
    4
    Birla Carbon raising prices on carbon black products
    5
    Denka requests weaker chloroprene classification, but EPA won't budge
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • News
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Rubber Division IEC
      • ITEC
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • War in Ukraine
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • 2022 Hose & Belt Manufacturers Conference
        • 2022 International Silicone Conference
        • 2022 International Tire Exhibition & Conference (ITEC)
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
    • Advertise
    • DIGITAL EDITION