Yesterday the Board of Directors of Pirelli entrusted Deutsche Bank and Goldman Sachs with the role of financial advisors in the planned transaction between Camfin, China National Chemical Corporation (ChemChina) and China National Tire & Rubber Corporation (CNRC) communicated last 22 March 2015.
The takeover bids will be promoted by a newly established company (Bidco), indirectly controlled by ChemChina and CNRC, following the completion of the acquisition of the stake held by Camfin in the share capital of Pirelli.
The independent directors of Pirelli have also communicated to the Board that, for the opinion they will be asked to render, they will make use of the assistance of Citigroup Global Markets Ltd as independent expert. "The indication of the advisors by the Board of Directors and the independent directors took place at the end of a process of selection and verification of the independence and professionalism requirements", reads the note from Pirelli.
