Pirelli Shareholders Pursue Higher Price

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Pirelli Shareholders Pursue Higher Price

In March, ChemChina emerged as the frontrunner to purchase the majority stock of Pirelli & C. SpA and has since been purchasing stock. Currently, ChemChina owns 30 percent or more of Pirelli and may purchase up to 70 percent share in the tiremaker according to reports.

aftermarketNews Staff
By aftermarketNews Staff
Published:

From Tire Review

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Pirelli - logoA small group of Pirelli shareholders have formed an alliance in order to push for a higher offer price from China National Chemical Corp. (ChemChina), Tyres & Accessories (T&A) reported.

Italian newspapers are reporting that shareholder Malacalza may join Paulson and other hedge funds in order to achieve its end, T&A said. These funds account for 20 percent of Pirelli shareholders. The smaller group of shareholders argue that larger shareholder Camfin will get a higher price from other benefits in the bid from ChemChina.

In March, ChemChina emerged as the frontrunner to purchase the majority stock of Pirelli & C. SpA and has since been purchasing stock. Currently, ChemChina owns 30 percent of Pirelli and may purchase up to 70 percent share in the tiremaker according to reports.

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