China hopes to re-list Pirelli in Italy

Beijing - The chairperson of China National Chemical (ChemChina) said on Sunday he hoped to re-list Italy's Pirelli on the Italian stock exchange after his firm agreed earlier this month to acquire the world's fifth-largest tyre maker.

Ren Jianxin also warned that a counterbid for Pirelli would hurt the Italian firm's investors and long-term strategy. ChemChina has agreed to become majority owner of Pirelli as part of a multi-layered €7.3bn deal, putting one of Italy's oldest household names in Chinese hands.

Ren said: "We were worried that due to cheap liquidity, there might be blind competition, but a counterbid will hurt Pirelli investors and also its long-term strategy."