Pirelli to be sold to Chinese company

22nd April, 2015
6
Tronchetti Provera, chief executive, Pirelli

Italian tyre-maker Pirelli is to be sold to a consortium led by the state-owned China National Chemical Corp (ChemChina) in a deal worth €7.4 billion.

Pirelli’s chief executive Tronchetti Provera, one of Italy’s best-known businessmen, said that the deal was good for the future of Pirelli and guarantees its global growth. He ruled out the likelihood of a counter offer and said a possible link-up between Pirelli and Bridgestone would be “a disaster”....

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