Italy - Mar 24

Chinese state-owned China National Chemical has announced that it will buy 26.2% of Italian tire maker Pirelli for $7.75 billion.  Pirelli is a 143 year-old firm and the world’s fifth largest tire maker.  The deal benefits both companies, providing ChemChina access to technology to make premium tires, strengthening Pirelli’s competitive edge against larger firms, and providing Pirelli access to the Chinese market.  This deal is one of many recent takeovers in Italy by cash-rich Chinese buyers. Source: Euronews BBC