Pirelli or Italy delisting China Chemicals to take over

On October 28, 2015, Fengshen Tire announced that Bidco, a subsidiary of China National Chemical Corporation, already holds more than 95% of Pirelli's shares. According to Italian law, the Italian Stock Exchange will order Pirelli ordinary Stocks are suspended and delisted.

China Chemical Buys Pirelli

The announcement said that Fengshen Tire will continue to monitor the progress of the matter and remind investors to pay attention to investment risks.

It is reported that after the completion of the acquisition, Pirelli’s heavy-duty tire business will be integrated with China Chemical Rubber Co., Ltd.’s domestic strategic assets and will be reorganized with Aeolus shares when conditions are met.

According to the original agreement of both parties, after the transaction was completed, Pirelli will withdraw from the Milan Stock Exchange. But Ren Jianxin, chairman of China National Chemical Corporation and current Chairman of Pirelli tires, once stated that the ultimate goal of China Chemical is to allow Pirelli’s auto business to re-list in Italy, and that the combined industrial tire business of the two companies will be re-listed in Asia.

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