The China National Chemical Corporation’s (ChemChina’s) bid to gain operational control of Pirelli & C. S.p.A. is going ahead. Reports say that next Tuesday (August 11th), will see further official steps taken by both sides towards the completion of a very complex deal. This follows news yesterday that the ChemChina/Camfin deal cleared all antitrust and other relevant regulatory hurdles.

Eventually ChemChina will gain outright control of Pirelli and take the famous tyre manufacturer private. It will also set about restructuring Pirelli, including the integration of Pirelli’s industrial tyre business, including medium truck, agricultural and industrial tyres with those of Fengshen Tyre Co. Ltd., owner and producer of the Aeolus and other brands. The end result would be a business with a capacity of about 12 million commercial and industrial tyres annually.