aeolus-truck-tires

Update: Aeolus terminates acquisition of former Pirelli industrial tire unit

Jiaozuo, China – Aeolus has terminated the acquisition of a 90% stake in the former Pirelli industrial tire unit Prometeon Tyre Group (PTG), the Chinese company announced 4 Jan.

The planned deal, priced at €215 million (1.7 billion yuan), also included a 70% stake in Guilin Beili Tire, another subsidiary of Aeolus’ parent group ChemChina Rubber Corp.

The transaction’s earlier agreement stipulated that it would be automatically terminated on 31 Dec, 2017, if the deal had not received necessary regulatory approval from Chinese authorities.

Despite the obstacle,…

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