JIAOZUO, China—Aeolus Tyre Co. Ltd. has terminated its pending acquisition of a 90-percent stake in Pirelli & C. S.p.A.'s former commercial tire unit after failing to gain approval in time from Chinese authorities for an overseas acquisition.
Aeolus released a statement saying China's Ministry of Commerce and National Development and Reform Commission failed to grant approval for the overseas acquisition before the Dec. 31 deadline.
The relevant parties were unable to reach a consensus on an extension, Aeolus said, so the deal was terminated.
Aeolus is owned by China National Chemical Corp. (ChemChina).
Despite the obstacle, Marco Polo International Italy S.p.A.'s TP Industrial Holding said in a news release it was planning to pursue, in the commercial and technological areas, the integration of Prometeon Tyre Group.
Prometeon, which represents the commercial tire assets that were separated from Pirelli last year, said it will continue its integration "in an appropriate time frame in accordance with the laws and regulations."