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China's ChemChina to buy Pirelli for £5.1bn
Formula 1's official tyre supplier, Pirelli, is set to change hands next month following news that China's state-owned China National Chemicals (ChemChina) has launched a takeover bid. The Italian company has been F1's sole supplier since 2011 and has a contract through to 2016, when a new tender will be released. The deal will see ChemChina's own tyre division, China National Tire & Rubber, take ownership of a 26.2 per cent stake currently controlled by the family of chairman Marco Tronchetti, before launching a bid to acquire the remaining shares. The takeover values the company at £5.1 billion ($7.7bn, €7bn). ChemChina will appoint a new chairman whilst Tronchetti, who began...
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10y ago from GrandPrixTimes.com
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