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ChemChina takes over Pirelli

Pirelli is famous for its tires… and its calendar.

 

The Chinese multinational ChemChina agreed with the Italian tire company Pirelli an IPO which will allow the former to take control of the latter. The agreement, however, stipulates that the HQ and the research facilities of Pirelli will remain in Italy.

These “Made in Italy clauses” will avoid wars with the Government – which is usually hostile to the foreign takeover of big companies – and with the trade unions, since shutting down the Italian facilities would have led to the dismissal of many employees.

The public, usually fearful of a “foreign invasion”, hasn’t protested so far, being probably mindful of the disastrous results of the crusade launched by Mr Berlusconi’s Government in a failed attempt to keep the flagship airline Alitalia in Italian hands.

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