Mar 25, 2015 05:34 PM

State-Owned Firm Announces Deal for Italian Tire Maker Pirelli

By staff reporter Tian Yuan

(Beijing) – China National Chemical Corp. (ChemChina) is buying Pirelli, the world's fifth-largest tire maker, in a deal worth around 7.1 billion euros, or 48.1 billion yuan, the state-owned company said on March 23.

ChemChina's China National Tire & Rubber Co. signed deals with the Italian holding company Camfin and Pirelli's shareholders on March 23 to buy a 26.2 percent stake that Camfin owns in Pirelli for 15 euros per share, the statement said.

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