CHEMCHINA IN PROCESS TO
PURCHASE PIRELLI
I
taly's Pirelli tire company and its
German Metzeler specialist mo-
torcycle tire subsidiary are in the
process of being purchased by
China National Chemical Corp
(ChemChina) a state-owned
chemical giant whose China Na-
tional Tire and Rubber Co sub-
sidiary manufactures the CST
tires which equip most of the
motorcycles, scooters and cars
in that country each year.
The complex deal values
Pirelli, the world's fifth largest
tire maker, at around $8.05
billion, and would entail China
National Tire and Rubber initially
purchasing for $1.9 billion the
26 percent stake in Pirelli held
by CamFin, since last year its
current largest shareholder.
Camfin is 50 percent owned by
Russian oil company Rosneft,
whose President Igor Sechin is
the subject of U.S. government
sanctions owing to the ongoing
Ukraine crisis, due to his close
IN
THE
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