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EU: ChemChina’s $7.9 billion bid for Pirelli cleared

By  |  July 2, 2015

European Union antitrust bodies have approved China National Tire & Rubber Co.’s proposed takeover bid for Italian tire maker Pirelli.

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    The European Commission said its investigation “found that the proposed transaction would raise no competition concerns as the market share increments are modest, the two companies are not close competitors and customers will continue to have an adequate number of alternative suppliers in all markets.”

    The Commission said the proposed transaction was examined “under the ordinary merger review procedure.”

    Full content: Reuters

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