China Chemical officially takes over Pirelli

On May 13, 2016, from the latest news from Milan, Italy, the merger of China National Chemical Industry Group and Pirelli will formally acquire administrative judicial power on June 1. Pirelli revealed last week that all financial and accounting administrative judicial procedures will take effect on June 1. This also means that China Chemicals is officially in power.

China Chemical holds Pirelli

From the technical point of view, the merger will affect Pirelli and Marco Polo Industrial Holdings. Marco Polo Industrial Holdings was invested and established by China National Chemical Corporation. Last year, Marco Polo Industrial Holdings Corporation completed the acquisition of Pirelli's mission.

China Chemical Industry Group representative

In the first quarter earnings report, Pirelli said on May 6th that the contract for the merger between Marco Polo and Pirelli has already been stipulated, and that Pirelli shareholders are in favor of the series of regular shareholders' meetings held on February 25. The promotion and consolidation of important decisions.

One of the decisions passed was the approval of the group's directors, including Ren Jianxin (Chemicals Chairman of China National Chemical Corporation), Yang Xingqiang (General Manager of China National Chemical Corporation), and Bai Yuping (General Manager of China National Chemicals Rubber Co., Ltd.). ), Ze'ev Goldberg (Pirelli's Board of Directors), Tao Haisu (Director of Mercuria (China) Investment Co., Ltd.), Wang Dan (Deputy General Manager of Silk Road Funds Co., Ltd. Wang Dan) and Zhang Junfang (Chinese resident Counselor-counselor of the Italian Embassy - 2013) as a director of the new company.

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