The Chinese group China National Chemical Corp (ChemChina) announced Sunday the acquisition of Pirelli tire manufacturer. The Italian group is valued at 7.1 billion euros (7.5 billion).
This acquisition is part of an already rich context of operations by Chinese groups on the continent as they seek to benefit from the decline of the euro. By seizing Pirelli, ChemChina gets his hands on a high quality tire manufacturer that becomes comfortable margins, while offering Italian privileged access to the Chinese market.
First time, China National Tire & amp; Rubber (NRC), a subsidiary of China National Chemical Corporation, which manufactures tires, is to buy the 26.2% stake in the holding company Pirelli by Camfin, before launching a mandatory tender offer for the shares still in circulation.
The offer will be launched by a vehicle controlled by the Chinese group, whose round will notably composed of shareholders of Camfin Marco Tronchetti Provera, the Managing Director (owner) of Pirelli, the Italian banks UniCredit and Intesa Sanpaolo and Rosneft oil. The Russian group was previously owned 50% of Camfin.
The offer will be made at 15 euros per share, which values Pirelli 7.1 billion euros, excluding a net debt which stood at the end of 2014 nearly one billion euros. NRC plans to write off the coast Pirelli.
By Friday, rumors of a Pirelli redemption were flying the title of the Italian group on the Milan Stock Exchange, where he reached the 15 euros action, prompting analysts to question the relevance of completion of the transaction at this price.
Mr. Provera commands
Sources close to the case had then stated that the agreement with the Chinese group would allow Rosneft, which is within the scope of international sanctions for its role in the Ukrainian crisis and needs to reduce its debt, reduce its share in Pirelli .
According to a statement released Sunday, Camfin states that the activity of Pirelli in industrial tires and truck tires, less profitable, will be integrated into Aeolus subsidiary of ChemChina, which will double production (six to 12 million tires).
The new Chinese owners of Pirelli will choose a new president. Marco Tronchetti Provera, who joined Pirelli in 1986 after marrying a daughter of the Italian founder of the company family, will remain CEO, said the statement on Sunday.
Among the previous Chinese acquisitions in Italy include interests in the electricity transmission companies Terra and Snam in Ansaldo turbine manufacturer and the manufacturer Ferretti yachts
(ats / 23/03/2015 3:48).
(TTY / 23/03/2015 3:48) ^ ->
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