Pirelli to be bought by ChemChina

[TWRv12]

China National Chemical Corp. (ChemChina) will buy Pirelli, the world's fifth-largest tire maker, in a 7.1 billion euro ($7.7 billion) deal that will place one of the symbols of Italy's manufacturing industry in Chinese hands.

http://europe.autonews.com/article/2...7-billion-deal

[wolfhound]

I heard on the local business news that the Chiense are buying lots of Italian cmpanies at the moment, Marco Polo being another.

I wonder how long it will be before they snap up Ferrari once it goes on the stock exchange.

[chillibowl]

if ChemChina want to sell higher end tires in China and to compete with companies like Michellin and Continental who are also looking to make more headway in that market then i would love to see part of this battle play out in F1.