Saturday, 21 March 2015 01:09
MILAN: Russian energy giant Rosneft will cut its stake in Pirelli after a deal that will make China National Chemical Corporation the single biggest investor in the Italian tyre maker, two sources with knowledge of the deal said.
The sources said Rosneft would not exit Pirelli for now. One of the sources said Marco Tronchetti Provera would stay on as Pirelli’s chief for five years after the deal with ChemChina.
This source said the deal included the delisting of Pirelli shares, but added the group could list again on the stock market later.
The deal also includes a joint venture of Pirelli’s truck business with Chemchina or a spin-off of the unit.
Copyright Reuters, 2015
