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China National Chemical Corporation acquires Pirelli Tire Make

time:2015-04-09 browse:5595次

On March 23, 2015, China National Chemical Corporation issued a statement saying that the Group will acquire 26.2% equity in Pirelli, the fifth largest tire manufacturer in the world through China National Chemical and Rubber Company, with a transaction value of US $ 7.7 billion. After the acquisition, the group will become Pirelli Largest shareholder. EU antitrust regulators announced on July 8 that the transaction was approved.

Comment: This acquisition means that Sinochem will become Pirelli's number one shareholder. The transaction will benefit both parties. Sinochem will acquire Pirelli advanced technology, and Pirelli can take this opportunity to expand its business in China. In 2014, China Chemical's global sales revenue was US $ 39.69 billion, and Pirelli's 2014 sales revenue was US $ 7.31 billion. The merger of the two companies is expected to become the world's largest rubber tire company, with annual revenue of $ 47 billion.

Related reports are as follows:

Sinochem's $ 7.7 billion stake in Pirelli tires approved by EU

Sinochem invests $ 7.7 billion in Pirelli, builds world's largest tire company

Sinochem acquires 26% stake in Pirelli for $ 7.7 billion