The planned takeover by a Chinese
conglomerate of majority ownership in tiremaker Pirelli won't
change its Italian orientation, company CEO Marco Tronchetti
Provera said Monday.
In a television interview, Tronchetti Provera said that
even with the sale of the historic Italian firm, its "head and
heart remain in Italy".
"It continues its journey, but will be strengthened," he
said.
Earlier, he told workers that the 7.1-billion euro deal
"won't have any impact on jobs".
On Sunday, investment firm Camfin confirmed it would sell
its 26.2% stake in Pirelli at 15 euros per share to
state-controlled China National Chemical Corporation.
At that price, the deal would give Pirelli a value of more
than 7.15 billion euros.
The Chinese firm, which has its own tire-making division,
said on its website that it will support Pirelli's "growth and
expansion".
The deal would see ChemChina gain all of Pirelli's
technology.
After ChemChina acquires the 26.2% controlling interest,
the deal foresees it would later bid for the rest of Pirelli
through a consortium that would include Camfin investors
Tronchetti Provera, Italian banks UniCredit and Intesa Sanpaolo,
and Russia's Rosneft.
Chinese companies have been increasingly interested in
Italy in recent years, with investments taking a leap around a
visit last August by Chinese President Xi Jinping.
The People's Bank of China has taken stakes in Italy's
largest listed companies: Generali, Eni, Enel, Prysmian, Telecom
and Fiat.
Giant utilities company State Grid Corporation of China has
acquired 35% of CDP Reti - the parent company of the energy and
gas distribution networks Terna and SNAM - while Shanghai
Electric has bought a 35% stake in Ansaldo Energia.
Pirelli has developed a world-famous brand through such
high-profile events as being the sole tire supplier for all
Formula teams.
And its famous pinup calendar has boasted such models as
Italian iconic film star Sophia Loren, Penelope Cruz, Cindy
Crawford, and Jennifer Lopez.
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