24 Mar 2015
London - ChemChina's planned €7.1-billion takeover of Pirelli has placed a question mark over the position of Rosneft Oil Co. within the Italian tire group.
Sources close to the ChemChina deal as saying that Rosneft would reduce its stake in Pirelli after the deal with the Chinese group, according to an Automotive News Europe report. The Russian company, it noted, is currently facing international sanctions due to the Ukraine crisis and needs to cut debt.
About a year ago Rosneft and a series of allied companies acquired a 13-percent stake in Pirelli. Six executives with or associated with the Russian oil & gas giant were subsequently appointed to the tire maker’s board of directors.
Pirelli and Rosneft are also involved in a range of co-operation deals, including raw-materials supply and the installation of retail stores in Russia.
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