Pirelli-ChemChina merger effective in June

Milan, Italy – The merger of Pirelli & C. SpA and China National Chemical Corp. (ChemChina) will take judicial effect on June 1, Pirelli disclosed this week, with all accounting and fiscal effects to be retroactive to 1 Jan.

Technically speaking, the merger affects Pirelli and Marco Polo Industrial Holding – the investment vehicle set up by China National Chemical Corp. (ChemChina) last year to carry out its acquisition of Pirelli.

In its first quarter earnings report, Pirelli noted that on 6 May “the deed for the merger between Marco Polo Industrial Holding and Pirelli SpA was stipulated.”

Pirelli shareholders approved a series of measures 15 Feb at a regularly scheduled shareholders' meeting that moved the merger forward.

Among the measures approved was confirmation of ChemChina-nominated executives Ren Jianxin, Yang Xingqiang, Bai Xinping, Ze'ev Goldberg, Tao Haisu, Wang Dan and Zhang Junfang as directors of the new company.