July 2, 2015 / 9:45 AM / 5 years ago

ChemChina wins EU approval for $7.9 billion Pirelli buy

BRUSSELS (Reuters) - China National Chemical Corp (ChemChina) has secured European Union antitrust approval for its 7.1-billion-euro ($7.86 billion) bid for Italian tyre maker Pirelli, creating a global leader with a 10 percent market share.

The European Commission gave the green light on Wednesday, according to a filing on the EU executive’s website.

ChemChina unit China National Tire & Rubber will set up a joint venture to acquire a 26.2 percent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.

Larger rivals include France’s Michelin and Germany’s Continental.

Reporting by Foo Yun Chee; editing by Jason Neely

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