Pirelli shareholders approve Marco Polo Industrial Holding merger
[MILAN] Shareholders of the leading Italian tyremaker Pirelli approved on Monday a proposed merger with the Chinese company Marco Polo Industrial Holding.
The merger, due to be implemented by mid-2016, will culminate the 7.4-billion-euro (S$11.6 billion) takeover of Pirelli last year by China National Chemical Corporation (ChemChina) last year, which controls Marco Polo Industrial Holding.
Shareholders also confirmed the arrival of seven new advisors, six of whom are Chinese, to the group's board.
Pirelli is a flagship company for Milan, Italy's economic capital, where it began business in 1872 by making bicycle wheels before moving into the nascent car industry.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO