Pirelli acquires majority share in Brazilian distributor
Pirelli has signed an agreement to acquire 60 per cent of the company equity in Campneus, one of Brazil’s major tyre distribution networks for approximately 54 million real (£17.1 million), subject to adjustment on the basis of the asset situation on the closing date. The share has been obtained from the Faria da Silva family, who established Campneus in 1975 with assistance from Pirelli’s Brazilian subsidiary. The agreement is subject to approval by CADE, the Conselho Administrativo de Defesa Econômica brasiliano, and finalisation is expected at the end of the first half of 2012.