Marco Polo Industrial Holdings, set up to carry out China National Chemical Corp.’s (ChemChina) majority acquisition of Pirelli & C. S.p.A., has acquired roughly 70.6 percent of the Pirelli shares targeted by its mandatory tender offer. These shares equate to a roughly 54 percent stake in Pirelli and added to previously purchased stock by Marco Polo Industrial Holdings, for a total of approximately 87 percent of Pirelli, according to Reuters.
This 87 percent stake is just below the 90 percent threshold that would require the automatic buy-out of the remaining investors, removing Pirelli from the stock market.
In March, ChemChina agreed to become the largest shareholder of Pirelli as part of a roughly $7.7 billion deal. ChemChina has a 65 percent stake in Marco Polo Industrial Holdings, with the remainder shared with Camfin S.p.A., UnoCredit, Intesa Sanpaolo and Rosnet owned Long-Term Investments Luxembourg S.A.
