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.