The Traderszone Network

Published in TZ Latest News 22 March, 2015 by The TZ Newswire Staff

ChemChina set to close deal on Pirelli buyout: sources

China National Chemical Corp (ChemChina) and the shareholders of tire company Pirelli were putting the final touches to a deal that will trigger a 7 billion euro ($7.5 billion) buyout of one of the symbols of Italy’s manufacturing industry, four sources close to the matter said on Sunday. ChemChina and Pirelli’s shareholders have been in negotiations to set up a new company to buy a holding called Camfin, which owns 26 percent of Pirelli and is currently 50 percent owned by Russia’s Rosneft.