The Pirelli-ChemChina operation kicks off. European go-ahead now allows China National Tire to set up joint venture to buy 26,2% of Camfin and subsequent takeover bid on Pirelli
China National Chemical Corp (ChemChina) received the green light from the European Union at theoffer of 7,1 billion euros for Pirelli, which will create a global player with a 10% market share.
The European Commission gave its approval yesterday, according to a document posted on the EU executive's website.
ChemChina's subsidiary China National Tire & Rubber will set up a joint venture to acquire 26,2% of Camfin and then launch a mandatory bid for Pirelli.
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