Pursuits
Pirelli Delisting Nears as ChemChina Extends Takeover Offer
- ChemChina secures 87%, will reopen offer for 5 days in October
- ChemChina already controls enough shares to complete the deal
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Pirelli & C. SpA stands to drop off the Milan stock exchange after nine decades as ChemChina closes in on completing its acquisition of the tiremaker.
Based on the results of the tender offer so far, ChemChina will soon own 87 percent of Pirelli. While that’s below the 90 percent needed to force a speedy delisting, ChemChina will get another chance when the tender offer reopens from Oct. 21 through Oct. 27 in accordance with Italian takeover rules.