ChemChina close to completing Pirelli takeover

ChemChina has completed the acquisition of just under 87 per cent of Pirelli’s ordinary shares, leaving it within touching distance of its goal of delisting the iconic Italian tyremaker.

Marco Polo Industrial Holding, a company created to facilitate the takeover and 65 per cent owned by ChemChina, said its 15-euros-a-share offer valuing Pirelli at 7.4 billion euros (8.4 billion dollars) would be extended until October 27.

Analysts said this would allow Marco Polo to secure the 90 percent stake it needs to take the group private and begin a complex restructuring which will see Pirelli split in two and its most profitable part eventually refloated on the Milan bourse.