Adriana Lima woke in a sweat this morning with news that Chinese company ChemChina is about to launch a €7.1b deal which will give it a controlling stake in the Italian tyre giant Pirelli.
The deal, agreed to by Pirelli shareholders on the weekend, involves a complicated series of moves that will see ChemChina buyout current investors in order to gain the majority control it seeks. ChemChina’s ultimate goal is to make Pirelli, the world’s fifth-largest tyre maker, a privately owned company.
Pirelli has said there will be no impact on jobs. Although, current chairman and CEO Tronchetti Provera will relinquish his chairman’s position but will stay on as chief executive. ChemChina is expected select a new chairperson.
And what does Adriana Lima really think about seeing the 143-year-old Italian icon slip into foreign ownership?
Oh, we lost you after, “Adriana Lima woke in a sweat…” Yeah, that’s fair enough.