Pirelli's biggest shareholder to sell its stake to ChemChina
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche to open S$100 million ‘experiential centre’ in Changi by 2027
BP keen to buy Tesla supercharging sites for US expansion
SingPost H2 profit up 93.4% at S$66.9 million; proposes S$0.0056 per share final dividend
China’s Zeekr prices US IPO at top of range to raise US$441 million: source
China’s BYD will consider second Europe plant in 2025, executive says
Passenger plane's tyre bursts on landing in Turkey; no casualties