It is understood that China National Chemical Corporation (CNCC) has reached an agreement with shareholders, will be 7 billion euros (about 47 billion yuan) to acquire all the shares of all the Italian tire manufacturer Pirelli (Pirelli) is. According to sources, an official statement will be announced later. This is by far the largest investment by Chinese companies in Italy.
China Chemical to Acquire Italian Tire Dealer Pirelli for 7 Billion Euros
The acquisition will first acquire 26.2% of the shares held by Camin, Pirelli's largest shareholder, at a price of 15 euros per share, and will issue a general offer at the same price. If all goes well, Pirelli will withdraw from the Milan stock market this spring.
In terms of sales, Pirelli is the fifth largest tire manufacturer in the world. According to the statement, Marco Tronchetti Provera will still serve as CEO of the company and the company's headquarters will remain in Italy. After the acquisition, Pirelli's annual output will double to 12 million.
According to sources, China Chemical plans to establish a new company with Pirelli shareholders to acquire Camfin. Camfin currently owns 26% of Pirelli. At present, Russian oil giant Rosneft owns half of Camfin's shares. The Financial Times believes that Russian oil has chosen to sell shares, which shows that under the influence of the drastic drop in energy prices and the economic downturn in Russia, the flow of funds faces difficulties.
Under this agreement, China Chemical will become the major shareholder of the newly established company. With its stake in the new company, China Chemical will become Pirelli's largest single shareholder, and its shareholding ratio may be as high as 65%.
Earlier, China Chemical has successfully invested in a number of projects in Australia, France and Norway. Ren Jianxin, general manager of Sinochem Group, said in the statement, “We are very happy to have the opportunity to work with Provera and his team to create a world-class leader in tire production and companies.â€
In the past year, Chinese investors made large-scale purchases in Italy and acquired shares of several well-known companies, including Fiat Chrysler Automotive, Italian Telecom, Mediobanca, Italy’s second largest bank, cable giant Prysmian, and energy giants. Eni and ENEL.
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