It will start in two dayspublic purchase offer (OPA) of ChemChina on Pirelli. The offer document will be published tomorrow while the subscription period will end on October 13, unless extended or reopened.
The tender offer will relate to both Pirelli ordinary shares and savings shares. For both the fixed price is € 15 per share. Payment will be made on the fifth trading day following the close of the subscription period and therefore on 20 October.
To launch the takeover bid will be Marco Polo Industrial Holding, controlled by ChemCina for 65% and for the remaining 35% by Camfin. On Wednesday, Pirelli's board of directors had ruled on the price offered, judging it to be fair.
Pirelli's board of directors approved the price of the ChemChina takeover bid on 3 September.
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