Pirelli: signed agreement with ChemChina. Tronchetti Provera, “great … – AGI – Agenzia Journalistic Italy

21:31 March 22, 2015

(AGI) – Rome, March 22 – China National Ture & amp; Rubber (CNRC) Chinese subsidiary of ChemChina, Camfin and shareholders of Camfin signed a binding agreement for a long-term industrial partnerships related to Pirelli & amp; C Spa. And ‘what is learned from a press Camfin. The completion of the transaction and ‘subject to conditions typical of a transaction of this type and it’ expected in the summer of 2015, after approval by the antitrust authorities and other authorities’ competent.

The transaction provides for the appointment of the President by the CNRC and permanence of Marco Tronchetti Provera as CEO of Pirelli. See and know-how of Pirelli will be held in Italy: enhanced majorities required to authorize the movement dell’Headquarters and transfer to third parties the know-how Pirelli. “The partnership with a global player like ChemChina, through its subsidiaries, is a great opportunity ‘for Pirelli. The approach to the business and the strategic vision of CNRC ensure the development and stability’ to Pirelli,” said the president of Pirelli Marco Tronchetti Provera.

“We are very glad of the opportunity ‘to partner with Marco Tronchetti Provera and his team to continue to build together a group of global reach and a market leader in the global tire.” Declares Ren Jianxin, president of ChemChina. “We are pleased to be part of the long-term development of the partnership between ChemChina and Pirelli. We believe that the transaction will satisfy ‘fully the interests of the shareholders” .The declares Long Term Investments.

Pirelli: opa 15 euro on ordinary and savings for delisting

The agreement for the reorganization of the chain of control of Pirelli plans to launch a ‘mandatory tender offer for the ordinary shares of the company’ and voluntary takeover bid on the totality ‘of savings capital. Both offers will be launched by Bidco, the new holding company that will be ‘controlled by the Chinese of ChemChina in partnership with Camfin, with the aim of withdrawing Pirelli Square Business. The operation – said in a statement – and ‘subject to the achievement of not less than 30% of the savings shares.

Pirelli headquarters remains in Italy, agreement’ locks down ‘shift

The Pirelli Group headquarters will remain ‘in Italy, so’ as the center of research and development group. And ‘as provided in the agreement signed between Camfin and the Chinese group ChemChina, which marks the transition of control of the company’ Milan in Beijing. The agreement and ‘armored also for the future, as is explained in the press about the operation: “The agreements signed – it says – provide enhanced majorities of 90% of the share capital to authorize the movement dell’Headquarter and transfer to thirds of the property ‘intellectual Pirelli “. “The activities’ and the know-how that makes Pirelli one of the global leaders of the industry – continues the statement – will remain a central element of the partnership.”

The Italian group thus comes under the control of the Chinese colossus from 244 billion yuan in revenue (about 36 billion euro), the group in nineteenth place among the ‘big’ world of China and 355esimo ranking of ‘Fortune’. “Traditional Chemicals, Advanced Materials’ and ‘the motto of the China National Chemical Corporation (ChemChina), companies’ state-controlled born in 2004 and administered by Shashak, the arm of the Chinese government which owns most of the industries of the Chinese State.
ChemChina operates in six different areas, ranging from the chemistry of new materials to the rubber, and it ‘present in 140 countries with 118 subsidiaries, including nine listed, six divisions and 24 research centers; employs 140 000 people.
From France to Australia, ChemChina has focused on international growth since the foundation according to the strategy of ‘going global’ (become global) largely made explicit in his website. Among the operations most ‘important, the acquisition of the Australian and French Adisseo Qenos in 2005 and, in 2011, the purchase of Norwegian Elkem and a controlling stake nell’israeliana Makhteshim Agan, the sixth largest producer of pesticides.
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