ChemChina has reached an agreement to acquire additional Pirelli stock.

ChemChina agreed on Monday to purchase a 1.574% stake in Pirelli held by Edizione Srl, according to a Reuters report. The agreement with the Italian tiremaker boosts ChemChina’s ordinary shares of Pirelli under contact to more than 30%.

Last month, the Chinese company announced its plans to purchase Camfin’s 26.2% stock in Pirelli for 7.1 billion euro (approximately $7.7 billion USD).

Reports stated that ChemChina’s agreement also contemplates the sale of exchangeable shares, representing 3.034% of Pirelli’s share capital, indirectly held by Edizione through Schematrentaquattro SpA.

Source: tirereview.com