According to British media reports, Camfin, the largest shareholder of Italian tire manufacturer Pirelli, is negotiating to sell its 26% stake in Pirelli to a consortium led by China National Chemical Corporation.
Once the transaction is completed, the consortium may also initiate an acquisition of the remaining shares of Pirelli, and the total purchase price may reach 7 billion euros.
In a statement, Camfin only confirmed that it was negotiating for an “international industrial partnerâ€. However, according to people familiar with the situation, Camfin plans to sell all of its 26% stake in Pirelli to a new investment consortium at a price of 15 euros per share, and China Chemical will play an important role in the consortium.
In the past year, Chinese investors have rushed to Italy and acquired shares in a number of well-known companies, including Fiat Chrysler Automobiles, Telecom Italia, Italy's second-largest bank Mediobanca, cable giant Prysmian, energy giant Eni Group and Italian National Power Company.
In July 2015, China State Grid announced a 2 billion euro acquisition of 35% of the Italian deposit and loan energy network company, the transaction was completed in November last year. In addition, Chinese investors are also eyeing Italian infrastructure assets, including the port system in Venice.
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