ChemChina to buy into Pirelli in €7.1b deal

China National Chemical Corp will buy into Formula One tyre supplier Pirelli in a deal worth 7.1 billion Euro.

Chinese state-owned ChemChina's tyre-making unit, China National Tire & Rubber, will buy the 26.2 percent stake in Pirelli owned by Italian investment firm Camfin.

Pirelli, the world's fifth largest tyre maker, was founded in 1872 and has been listed on the Milan Stock Exchange since 1922.

"The partnership with a global player like ChemChina, through its affiliates, represents a great opportunity for Pirelli," said Pirelli chairman Marco Tronchetti Provera.

"CNRC's approach to business and strategic vision guarantee Pirelli's development and stability."

The Italian company has been Formula One's sole tyre supplier since 2011.

 

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Series Automotive
Article type Breaking news
Tags chemchina, pirelli