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Aeolus terminates Pirelli deal

Aeolus Tyre Co. Ltd. has terminated its pending acquisition of a 90 per cent stake in Pirelli & C. S.p.A.’s commercial tyre unit, after failing to gain approval in time from Chinese authorities for an overseas acquisition.

Aeolus released a statement saying China’s Ministry of Commerce and National Development and Reform Commission failed to grant approval for the overseas acquisition before the December 31 deadline.

The relevant parties were unable to reach a consensus on an extension, Aeolus said, so the deal was terminated. Aeolus is owned by China National Chemical Corp. (ChemChina).