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Chinese companies in Europe
More European companies are coming under Chinese possession
“ITALIAN industrial policy is currently made in Beijing,” lamented Romano Prodi, a former Italian prime minister, on March 23rd. His remark followed news the day before that China National Chemical Corporation (CNCC), a state-owned conglomerate, would purchase Pirelli, an Italian tyremaker, for EUR7 billion ($7.7 billion). It’s going to be the largest Chinese investment in Italy so far, but only the latest in a string of purchases driven by China’s growing desire for the brands and technology in Europe.
CNCC agreed with the controlling stockholders of Pirelli to purchase a holding company which owns 26% of the tyremaker, Camfin, as a beginning step before starting a takeover bid for the entire group. The price is in some ways an outlier, not only due to its size but because its investor arrangement, including Rosneft, a Russian petroleum …<div group="og_rss_groups"></div>