March 27, 2015 / 8:05 PM / 5 years ago

Italy won't intervene in Pirelli deal with ChemChina - minister

A Pirelli's tyre is pictured at the headquater in Milan, March 26, 2015. REUTERS/Giorgio Perottino

MILAN (Reuters) - The Italian government cannot intervene in ChemChina’s takeover of Italian tyre maker Pirelli PECI.MI and believes the deal agreed on Sunday ensures that key management positions and know-how remain in Italy, Industry Minister Federica Guidi said.

“China Chemical’s entry into the share capital of Pirelli is a deal made by a private company and therefore the government has no place intervening,” Guidi said in a statement on Friday.

State-owned China National Chemical Corp (ChemChina) is to buy the world’s fifth-largest tyre maker in deal worth more than 7 billion euros that will put the Italian industrial icon in Chinese hands.

Reporting by Danilo Masoni

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