Rosneft won't exit Pirelli after ChemChina deal-source

China Chemical

20/03/2015 16:47

MILAN, March 20 (Reuters) - Russian energy giant Rosneft 
 ROSN.MM  will cut its stake in Pirelli  PECI.MI  after a deal 
that will make China National Chemical Corporation  CHCC.PK  the 
single biggest investor in  the Italian tyre maker, two sources 
with knowledge of the deal said.  
    The sources said Rosneft would not exit Pirelli for now.     
    One of the sources said Marco Tronchetti Provera would stay 
on as Pirelli's chief for five years after the deal with 
ChemChina. This source said the deal included the delisting of 
Pirelli shares, but added the group could list again on the 
stock market later. 
    The deal also includes a joint venture of Pirelli's truck 
business with Chemchina or a spin-off of the unit.  
 
 (Reporting by Poala Arosio, additional reporting by Pamela 
Barbaglia, writing by Silvia Aloisi, editing by Valentina Za) 
 ((silvia.aloisi@thomsonreuters.com; +39 02 6612 9723; Reuters 
Messaging: silvia.aloisi.thomsonreuters.com@reuters.net)) 
 
Keywords: PIRELLI M&A/CAMFIN ROSNEFT