Pirelli Tyre Russia says it is “business as usual” following last week’s surprise news its parent company is to be acquired by China National Chemical Corporation (ChinaChem).
ChinaChem will initially buy 26.2% of the Italian holding company Camfin, which owns Pirelli & C to be followed by a mandatory full takeover later on, with the deal valued at EUR7.1bn (US$7.6bn).
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“We take care of the seven tyres, not the shareholding of Pirelli, to us in Russia, no [thing] whatsoever changed in the business or strategy,” Pirelli Tyre Russia & CIS CEO, Aimone di Savoia Aosta, told just-auto from Moscow.
“We do not really sell industrial tyres in Russia yet, so it really does not concern. It is business as usual.”
Some speculation has arisen in Russia as to the future of shareholder, Rosneft, the country’s leading petroleum producer and the world’s largest publicly traded petroleum company, although Aosta was keen to pour cold water on any change.
In July last year, Rosneft joined Pirelli after a 13% share purchase, with the petrol producer’s president, Igor Sechin becoming a board member of the tyre manufacturer.
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By GlobalData“The Russian shareholders stay and [have] the intention to stay in the new company,” said the Pirelli country chief. “Rosneft is here for the long term.
The acquisition will give ChemChina’s tyre-making unit, China National Tire & Rubber, access to advanced tyre 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.
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.
“Obviously, it [[purchase] was new for everybody,” said Aosta, adding: “It is a very interesting operation for Mr Tronchetti.”
Rosneft’s main company shareholder (69.5%) is OJSC Rosneftegaz, a 100% State-owned company. BP owns another 19.75% and the remaining 10.75% of shares are publicly traded.
