ChemChina close to delisting Pirelli
Print Edition
CHEMCHINA has completed the acquisition of just under 87 percent of Pirelli’s ordinary shares, leaving it within touching distance of its goal of delisting the iconic Italian tiremaker.
Marco Polo Industrial Holding, a firm created to facilitate the takeover and 65 percent owned by ChemChina, said its 15-euro-a-share offer valuing Pirelli at 7.4 billion euros (US$8.4 billion) would be extended until October 27.
Analysts said this would allow Marco Polo to secure the 90 percent stake it needs to take the group private and begin a complex restructuring which will see Pirelli split in two and its most profitable part eventually refloated on the Milan bourse.
The 35 percent of Marco Polo not held by ChemChina is owned by Camfin, a holding jointly controlled by Rosneft and Pirelli’s CEO Marco Tronchetti.
The foreign takeover of such a famous emblem of Italian industry made waves when it was announced in March but the outcry subsided quickly with Tronchetti defending it as an option that secures the firm’s future and avoids the risk of a hostile takeover by a direct rival.
Under ChemChina’s plans, Pirelli will split into one unit making high-end tires drawing on the firm’s experience in Formula One, and the other making industrial tires.
The new unit making high-tech and racing tires will stay in Italy with a view to being relisted in the future while the mass market output will be merged with ChemChina’s tiremaker Aeolus.
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