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TYRE MAKERS NEWS * Italy: Pirelli's
* Italy - ChemChina to buy Italian tyre maker Pirelli in $7.7 bln deal
-- China National Chemical Corporation (ChemChina) agreed on Sunday to buy tyre maker Pirelli in a 7.1 billion euro ($7.7 billion) deal that will place one of the symbols of Italy's manufacturing industry in Chinese hands. It will give ChemChina access to technology to make premium tyres, which can be sold at higher margins, and give the Italian company a larger presence in the huge Chinese market... ChemChina's tyre making unit China National Tire &Rubber will first buy the 26.2 percent Italian holding firm Camfin owns in Pirelli and will then launch a mandatory takeover bid for the rest... The offer will be launched at 15 euros per share, valuing the group at 7.1 billion euros excluding net debt of almost 1 billion euros at the end of 2014. The ChemChina unit also envisages taking the world's fifth-largest tyre maker private... Excluding the financial sector, Italy is the second-biggest acquisition market for China in Europe and fifth-largest worldwide with 10 deals completed since the start of 2014, according to Thomson Reuters data... Milan, Italy - Reuters, by Paola Arosio/Danilo Masoni & Susan Thomas -Mar 22, 2015
Labels: tiremakers news
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