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Pirelli and ChemChina agree closing date, triggering mandatory tender offer

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CNRC (ChemChina), Camfin and its shareholders have announced that all the necessary antitrust and regulatory approvals for ChemChina’s purchase of the majority of Pirelli (as announced on 22 March 2015) have been obtained. Therefore the aforementioned parties have agreed to complete the transaction on 11 August 2015. As a result, the pre-announced mandatory tender offer for the remaining shares (at 15 euros each) will be triggered.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. ChemChina’s latest Pirelli shares held indirectly
  3. Pirelli is now Chinese owned
  4. Regulator approves ChemChina/Pirelli offers
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EU gives ChemChina green light for Pirelli purchase

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ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. ChemChina now holds 30% of Pirelli shares
  3. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  4. Pirelli reverse merges with Marco Polo
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ChemChina (UK) Ltd founded

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On 4 June, Pirelli’s largest single shareholder, ChemChina announced that it had set up ChemChina (UK) Ltd., as a wholly owned subsidiary of ChemChina Petrochemical Co., Ltd. According to the company, this business serves as “a London-based trading platform that will effectively complement its sister company ChemChina (Singapore) Pte. Ltd. to build around-the-clock trading networks covering various fields”.

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Related news:

  1. ChemChina’s latest Pirelli shares held indirectly
  2. EU gives ChemChina green light for Pirelli purchase
  3. Pirelli is now Chinese owned
  4. Pirelli reverse merges with Marco Polo
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Rosneft buys 30% of ChemChina subsidiary

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Ren Jianxin, chairman of China National Chemical Corporation (ChemChina) and Igor Sechin, President of Rosneft, signed an equity investment and crude oil supply deal on 20 June 2015 during the St. Petersburg International Economic Forum.

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  3. Pirelli is now Chinese owned
  4. 96% of Pirelli shares purchased by Marco Polo
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Pirelli shareholders appeal for better ChemChina offer

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Following the news that ChemChina now controls (both directly and indirectly) 30 per cent or more of Pirelli shares with a view to buying as much as 70 per cent of the company, Italian news reports suggest a number of smaller shareholders are forming an alliance in order to push for a higher offer price from ChemChina.

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Related news:

  1. Pirelli shareholding to be controlled by ChemChina
  2. EU gives ChemChina green light for Pirelli purchase
  3. Pirelli: Nokian merger rumours false
  4. ChemChina’s latest Pirelli shares held indirectly
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Non-certified Toyo earthquake aborbers found in 90 more buildings

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90 more buildings in Japan were constructed with earthquake shock absorption devices that did not meet certification standards. According to The Japan Times, this brings the latest figure brings the total to 145. The report also quotes Toyo as saying four employees may have been involved in falsifying performance data on the quake-absorbing rubber equipment.

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  1. Toyo Tire anti-quake rubber controversy sends shockwaves through share price
  2. Heads roll at Toyo in light of earthquake dampner scandal
  3. Toyo sells half its Bridgestone shares
  4. Toyo Tire net sales down 9.8% in Q1
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Tanzanian government to buy out General Tyre East Africa

The Tanzanian Government is reportedly in final talks with Continental AG on the subject of buying back its 26 per cent shareholding in the now-defunct General Tyre East Africa (GTEA) tyre manufacturing company. According to local news reports, the government intends to revamp the tyre company.

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  1. Continental, Tanzania Negotiations “Complex”
  2. General Tyre Tanzania Plant at a ‘Crossroads’
  3. Conti’s “hard conditions” too much for General Tyre East Africa
  4. Conti launches EV-specific tyre range
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ChemChina’s latest Pirelli shares held indirectly

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Following the news that China National Tire & Rubber Co. (CNRC), a subsidiary of China National Chemical Corporation (ChemChina), entered into a binding agreement with Edizione with respect to the purchase of 1.574 per cent of the share capital of Pirelli on 13 April, company representatives have issued a clarification that these shares are held indirectly.

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Related news:

  1. Pirelli is now Chinese owned
  2. ChemChina front-runner to buy Pirelli
  3. ChemChina now holds 30% of Pirelli shares
  4. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
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ChemChina now holds 30% of Pirelli shares

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Following news of the company’s plans to takeover Pirelli based on purchasing Camfin’s leading shareholding in the Italian tyre manufacturer, ChemChina has revealed that it has made a deal with Edizione Srl for an additional Pirelli stake. The latest share purchase suggests ChemChina is in the second phase of its acquisition en route to a publically stated goal of owning 65 per cent of Pirelli.

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Related news:

  1. ChemChina’s latest Pirelli shares held indirectly
  2. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  3. Regulator approves ChemChina/Pirelli offers
  4. Pirelli major shareholder Chemchina restructuring
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Sameer exploring share sale, tyre export options

Sameer Africa Ltd., is planning to enter the Rwandan tyre market in the next two years, company executives told Bloomberg recently. At the same time, the company is said to be exploring the possibility of setting up a subsidiary in Nigeria. However, in light of ongoing share sale talks since last summer, this could be […]

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  1. Sameer Importing Chinese Tyres to Meet Local Demand
  2. Sameer Africa switching to Chinese/Indian contract manufacturing
  3. Shares Fluctuate Sharply Following Obama’s China Tyre Tariffs
  4. Suntrac Brand Makes its Debut, PCR Line to Follow
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ChemChina chairman against Pirelli job cuts, pro Italian re-listing

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ChemChina’s chairman, Ren Jianxin, has publically reiterated his and his company’s commitment to completing its proposed takeover of Pirelli. Speaking to the Financial Times, Ren quoted a Chinese proverb and explained: “…It means that one must do everything in one’s power to facilitate a marriage. We are hoping that all the pieces can come together for our wonderful marriage with Pirelli.”

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Related news:

  1. Pirelli in talks with a number of bidders before ChemChina deal
  2. ChemChina’s latest Pirelli shares held indirectly
  3. Pirelli is now Chinese owned
  4. Pirelli reverse merges with Marco Polo
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Michelin amends share buyback agreement

The partial share buyback scheme authorised at Michelin’s Annual Shareholders Meeting on 16 May 2014 and announced and further reported in January 2015 has been amended in regards to its term and maximum limit. Under these changed terms, a Michelin-appointed investment service provider will now sell an unspecified number of Compagnie Générale des Établissements Michelin shares, representing a maximum amount of €75 million instead of a maximum of one million shares, as originally announced. The shares will be sold until 30 September 2015, rather than the previously announced date of 27 November 2015.

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Related news:

  1. Up to a million shares to be acquired in Michelin buyback
  2. Michelin implements partial share buyback management agreement
  3. Michelin announces 500 million euro share buyback plan
  4. Michelin reports capital reduction
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Double Coin investing US$1.87 billion in seven firms

Chinese tyre manufacturer Double Coin has announced plans to invest a total of 11.6 billion yuan (£1.251 billion; 1.710 billion euros; $1.87 billion) in seven companies. It is not clear which firms the company is planning to invest in, but initial indications suggest it is considering a suite of internal and domestic investments. According to a Reuters report, the Shanghai-based firm plans to raise up to 3.7 billion yuan towards funding the investments in a private placement.

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Related news:

  1. Triangle IPO on for early September
  2. Triangle to upgrade PCR and TBR production with IPO funds
  3. Triangle IPO underway
  4. Pirelli and Hixih move closer together
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Pirelli shareholding to be controlled by ChemChina

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In the early hours of 23 March 2015 Beijing Time, ChemChina’s China National Tire & Rubber Co. (CNRC) subsidiary signed an agreement with Camfin S.p.A. to purchase Camfin’s 26.2 per cent Pirelli shareholding at 15 euros a share. This values Pirelli at around 7.1 billion euros (£5.15 billion pounds). A joint tender offer by ChemChina, Camfin and other investors on the rest of Pirelli’s shareholding is now expected to follow.

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Related news:

  1. Pirelli industrial/consumer tyre business split continues
  2. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
  3. ChemChina Pirelli buy-out underway
  4. Pirelli IPO marks landmark in new ownership structure
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ChemChina front-runner to buy Pirelli

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News agencies are reporting China National Chemical Corporation, which names brands such as Aeolus amongst its number, is close to purchasing shares in Camfin, which own 26 per cent of Pirelli and would give ChemChina a controlling shareholding in Pirelli. For the last year or so Camfin has been owned by Russian oil firm Rosneft and a holding company of Pirelli’s chairman and chief executive, Marco Tronchetti Provera. Other significant shareholders include Italian banks Intesa Sanpaolo and UniCredit.

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Related news:

  1. ChemChina’s latest Pirelli shares held indirectly
  2. Pirelli is now Chinese owned
  3. Pirelli shareholding to be controlled by ChemChina
  4. ChemChina now holds 30% of Pirelli shares
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