Tires Pirelli they become Chinese. The agreement between Pirelli and the giant ChemChina it is done and the Chinese have announced it by communicating on their website that they have purchased 26,2% of Pirelli from Camfin for 1,85 billion and are ready to launch the 7 billion takeover bid on Pirelli with the Italian and Russian shareholders at 15 euros per share as soon as the authorization and regulatory procedures are completed.
The Chinese promise to support the growth of Pirelli and will leave headquarters, management and research in Italian hands. The president of the new Pirelli will be Chinese, while Marco Tronchetti Proverà will remain the CEO for another five years. Tronchetti says: “It is a great opportunity that will guarantee the development and stability of the company”.
As a result of the operation, Pirelli will leave Piazza Affari and when it returns to the Stock Exchange, the reference lists will be those of London and perhaps Shanghai.
If the takeover bid reaches full, ChemChina will have 65% of the new Pirelli, the Italian shareholders 22,6% and the Russians of Rosneft, displaced by the collapse of oil and the ruble and in retreat, will have to settle for 12,4%.
With this operation, Italian capitalism turns the page: less tricolor and more globalization.
