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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.

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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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