CNCC reaches agreement for Pirelli takeover
(MENAFN) China National Chemical Corporation (CNCC) reached an agreement with holding company Camfin, which controls Pirelli, with the aim of undertaking a takeover of Italian tyremaker, Xinhua reported.
Shareholders in Camfin along with CNCC are set to establish a new holding company which will launch the takeover and likely delist Pirelli from the Milan stock exchange by summer time.
"The agreement with CNCC represents a great opportunity for Pirelli," Pirelli President and CEO said. CNCC's approach to business and strategic vision, he added, will ensure the development and stability of Pirelli.
Shareholders in Camfin along with CNCC are set to establish a new holding company which will launch the takeover and likely delist Pirelli from the Milan stock exchange by summer time.
"The agreement with CNCC represents a great opportunity for Pirelli," Pirelli President and CEO said. CNCC's approach to business and strategic vision, he added, will ensure the development and stability of Pirelli.
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