Provera: Counterbid by Bridgestone Would be a ‘Disaster’

Time: Mar 28th   2015   Copy editor: Tyrefull

Pirelli chairman and ECO Marco has repsonded to rumors regarding a possible conterbid by Bridgestiong that would top a buyout offer by China National Chemical Corp,. A subsidiary of ChemChina.

Provera said such a move “would be ‘a disaster,’ adding there were too many overlaps between the two companies,” according to a Reuters report.

Earlier this week, Provera said that Pirelli’s factories and employment “can only benefit” from the partnership agreement with ChemChina.

Last week, ChemChina entered into an agreement with Pirelli SpA, agreeing to purchase Camfin’s 26.2% stake of Pirelli. Camfin is Pirelli’s largest shareholder. The deal, which is expected to close during the summer, will give China National Tire and Rubber Co., access to Pirelli’s technology and expand the Italian tiremaker’s presence in China

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