ChemChina needs no approval to buy stakes in Pirelli Russian units

MOSCOW, Jul 13 (PRIME) -- The acquisition of Russian assets of Italian tyre manufacturer Pirelli by China National Chemical Corporation (ChemChina) does not require approval of a government commission and there are no obstacles for the deal, Armen Khanyan, head of the Federal Antimonopoly Service’s department for foreign investment control, told PRIME on Monday.

CNRC Marco Polo Holding S.p.A., indirectly controlled by ChemChina, has asked for permission of the Federal Antimonopoly Service to buy stakes in Russia-based Pirelli Tyre Services, Pirelli Tyre Russia, Amtel-Russian Tyres, the Voronezh Tyre Plant, Kirov Tyre Plant and Vyatskaya Shina, he said.

“After consideration a decision was made to return the application, as the deal requires no preliminary approval of the government’s commission for foreign investment control,” he said, adding that the companies have the right to implement the deal.

In March, ChemChina bought 13.1% in Pirelli from Camfin. The deal was estimated at U.S. $7.7 billion. The Chinese company plans to increase its stake to 51.1% in the tyre maker.

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