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ChemChina to buy Italian tyre maker Pirelli for €7.1 bln

ChemChina to buy Italian tyre maker Pirelli for €7.1 bln
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China National Chemical Corp (ChemChina) has agreed to buy Pirelli, the world’s fifth largest tyre maker, for 7.1 billion euro.

The deal, that will put the 143-year Italian firm in Chinese hands, is the latest in a series of takeovers made in Italy by cash-rich Chinese buyers.

It will give ChemChina access to technology used in making premium tyres while strengthening Pirelli’s position in competing against larger firms such as Michelin and Continental which are looking for growth in Asia.

The bid for Pirelli marks a return of China’s state-owned enterprises to global deal-making after a hiatus caused by a government crackdown that targeted several current and former senior officials at state companies.

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