China National Tire & Rubber Corporation (ChemChina) says it has secured approval from anti-trust authorities to acquire the direct shareholding of Camfin in Pirelli with completion slated for 11 August.

The acquisition will give ChemChina’s tyre-making unit, China National Tire & Rubber, access to advanced manufacturing and product technology, allowing it to move into the high-margin premium tyre segment as well as allowing it to have significant OEM and aftermarket contracts around the world.

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ChemChina is expected to delist Pirelli and take the company private once the deal is concluded.

Current chairman, Marco Tronchetti Provera, will continue his role as CEO, with the deal seen as a major step forward for China in the development of its domestic automotive industry.

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