Oct 13 An investment vehicle controlled by China National Chemical Corp (ChemChina) raised its stake in Pirelli to around 87 percent after a tender offer for the shares in the tyremaker it did not yet own, Reuters calculations showed on Tuesday.
ChemChina in March agreed to become the majority owner of the world's fifth-largest tyre manufacturer as part of a 7.3 billion euro ($8.21 billion) deal, putting one of Italy's oldest household names in Chinese hands.
The Italian bourse said in a statement that Marco Polo Industrial Holding, a company created to facilitate the Chinese takeover, had bought 70.6 percent of the Pirelli shares that were targeted by the tender offer. These shares equal to a stake of around 54 percent in Pirelli and add to a shareholding of around 33 percent Marco Polo already held in the tyre group.