ChemChina buys 45mn Pirelli shares

China National Chemical Corp. (ChemChina) through Marco Polo Industrial Holding S.p.A. negotiated two deals with Pirelli to acquire more than 45 million shares from the tyre company.

Marco Polo Industrial Holding is managed by ChemChina’s China National Tire & Rubber Co. Ltd. and was set up to carry out ChemChina’s offer for control of Pirelli.

In the deals, ChemChina acquired shares owned by Paulson & Co. Inc for EUR 15 per share, amounting to a total of around EUR685 million, according to Pirelli. ChemChina will buy 45.1 million ordinary shares and 190,307 savings shares, according to by Marco Polo Industrial Holding.

The Commissione Nazionale per le Societa e la Borsa (Consorb) said that Marco Polo Industrial Holding controlled 26.2% of Pirelli’s ordinary shares, through its purchase outright of 96.8 million shares controlled by Italian investment company Camfin S.p.A. and via indirect control of additional shares through an investors’ consortium.