CNRC sells 14% stake in Italian tire maker Pirelli

Marco Polo International Italy, a wholly-owned subsidiary of State-owned China National Tire and Rubber Co Ltd (CNRC), announced on Thursday that it has sold 14 percent of the share capital of Italian tire maker Pirelli & C SpA.

The transaction was processed via the Transaction Confirmation Service of Euronext Milan. Following the sale, CNRC's stake in Pirelli has decreased from 34.1 percent to 20.1 percent, said Marco Polo International Italy in a statement.

CNRC was advised by BNP Paribas on the transaction.

Before its merger with Sinochem Holdings in 2021, China National Chemical Corp (ChemChina), which owned CNRC, together with the Silk Road Fund, acquired a controlling stake in Pirelli in 2015 through a tender offer.

With 18 production plants around the world, Milan-headquartered Pirelli operates businesses in over 160 countries and regions and employs more than 29,600 people globally.