Italy has permitted Rosneft to purchase 13% share of Pirelli

Italy has permitted Rosneft to purchase 13% share of Pirelli

Kommersant – Italian Competition Authority (AGCM) has approved the purchase of 50% share of Camfin SpA by the Russian petrochemistry company Rosneft. Camfin SpA was the holder of 26.19% share of the tyre manufacturer Pirelli.

Rosneft had announced the purchase of 13% of Pirelli shares for €758 million from Camfin SpA in March and subsequently a series of cooperation agreements were signed between the Rosneft president: Igor Sechin and Pirelli general director: Marco Tronchetti Provera in May. Finally, 6 Russians, including Igor Sechin have joined the directors board of Pirelli in July.

Tags: Pirelli, Rosneft