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Pirelli's biggest shareholder to sell its stake to ChemChina

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ChemChina is paying 15 euros a share for the 26.2 per cent of Pirelli owned by Cam Finanziaria. The Chinese company will then make a public tender offer for the rest of the tyremaker at the same price.

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

sentifi.com

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