Pirelli, the world’s fifth largest tire manufacturer, is to be sold to state-owned chemical conglomerate ChemChina, with a deal expected to be concluded this summer. According to Autmotive News Europe, ChemChina will initiate the takeover by acquiring a 26.2-percent share in the Italian tire maker. A public tender offer for the remaining shares will follow. The deal is worth 7.1 billion euros in total, or around $7.7 billion, and will give the Chinese firm access to premium tire technology.
Pirelli Gets China As New Owner But Communist Driver Carries Big Risk - Forbes