According to foreign media reports, the European Union's anti-monopoly regulator has announced that the European Union has approved China Chemical to enter into a deal with Italian tire manufacturer Pirelli for US$7.7 billion.

China Chemical's $7.7 billion Share of Pirelli Tire Approved by EU

The European Commission stated that after the completion of the transaction, Pirelli’s market share growth is expected to be relatively slow, and the two companies’ cross-selling business is relatively small and will not result in monopoly.

On March 23, 2015, China National Chemical Corporation issued a statement that it will acquire 26.2% of Pirelli, the world’s fifth-largest tire maker, through China National Chemical Rubber Corporation, and the transaction amount will reach US$7.7 billion. China Chemical will become Pirelli's largest shareholder. The merger of the two companies is expected to form the world's largest rubber tire company.

In 2014, China Chemical's global sales revenue was US$39.69 billion, and Pirelli’s 2014 sales revenue was US$7.31 billion. After the merger of the two companies, it is expected to become the world's largest rubber tire company with annual revenue of 47 billion US dollars.

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