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Thread: Pirelli being bought out by Chinese company

  1. #1
    Senior Member Mitsubaru's Avatar
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    Pirelli being bought out by Chinese company

    BEIJING -- China's biggest state-owned chemical company said Monday it plans to buy Italian tire manufacturer Pirelli, adding to a string of high-profile Chinese corporate purchases in Europe.
    ChemChina said it has agreed to buy a 26.2 per cent stake in Pirelli Tyre S.p.A. from its biggest shareholder, Camfin S.p.A., which is controlled by the family of Pirelli chairman Marco Tronchetti Provera. The company said it would offer to buy the remaining outstanding shares.
    Flush with cash from their country's boom, Chinese companies are stepping up acquisitions abroad as they diversify beyond their own economy, where growth is slowing.
    Europe is seen as an attractive market for potential purchases due to the relative weakness of the euro right now and what Chinese companies see as less political resistance to large deals there than they might face in the United States.
    Chemchina, also known as China National Chemical Corp., is one of China's biggest industrial companies, with businesses in petrochemicals, oil processing, agricultural chemicals, rubber products and chemical equipment.
    The Beijing-based company, which has its own tire manufacturing operation, said it would support the growth and expansion of Pirelli, the world's fifth-largest tire supplier. Camfin said the deal would enable Pirelli to double its volume and may result in the de-listing of Pirelli from the Milan stock exchange.
    In a statement, Camfin said Tronchetti Provera would remain CEO and that Pirelli headquarters would remain in Italy.
    The deal reflects ChemChina's unusual status as a state-owned Chinese company that has made ambitious acquisitions abroad outside the finance and natural resources industries.
    The acquisition of Pirelli, if completed, would be one of China's biggest to date in Europe.
    So far this year, Chinese companies have announced 27 acquisitions in Europe totalling $12 billion, more than half of last year's total of $23.7 billion, according to Dealogic
    http://www.ctvnews.ca/autos/chinese-...elli-1.2292739

  2. #2
    Senior Member Nabs's Avatar
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    Re: Pirelli being bought out by Chinese company

    "Exhaust gases go into the turbocharger and spin it, witchcraft happens and you go faster"

    ///M3 Journal | E39 540i Journal | Turbo Install | Carbon Roof Time-Lapse Install

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    Junior Member Mx5's Avatar
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    Re: Pirelli being bought out by Chinese company

    Maybe that's why my tire rebate got lost!

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    Administrator MarcGSR's Avatar
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    Re: Pirelli being bought out by Chinese company

    It's crazy that such a well known tire manufacturer, almost synanomous with Italian culture, is being controlled by a Chinese chem company. I'm not surprised though, the Milan soccer team is also owned by China.

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    Junior Member tallone's Avatar
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    Re: Pirelli being bought out by Chinese company

    Quote Originally Posted by MarcGSR View Post
    It's crazy that such a well known tire manufacturer, almost synanomous with Italian culture, is being controlled by a Chinese chem company. I'm not surprised though, the Milan soccer team is also owned by China.
    Well ... Marco Polo did "steal" pasta from the Chinese and bring back to Italy
    Maybe ? ... what the hell do I know about anything. Now I'm hungry!

  6. #6
    Junior Member Mx5's Avatar
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    Re: Pirelli being bought out by Chinese company

    Well tata owns JLR and tetley tea

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