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Pirelli's biggest shareholder to sell its stake to ChemChina

Published Mon, Mar 23, 2015 · 09:50 PM
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Milan

PIRELLI & C SpA's biggest shareholder has agreed to sell its stake to ChemChina in a deal that will lead to a takeover bid valuing the Italian tyremaker at about 7.1 billion euros (S$10.56 billion).

State-owned ChemChina agreed to pay 15 euros a share for the 26.2 per cent of Pirelli owned by Cam Finanziaria SpA, or Camfin, the companies said in a statement. ChemChina will then make a public tender offer for the rest of the tyremaker at the same price.

The bid is below Friday's closing price of 15.23 euros. Pirelli's stock jumped to the highest level since early 2002 after Italian newspaper reports emerged on Thursday that Camfin was in t…

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