ChemChina completed the acquisition of a 65% stake in Pirelli for $7.7bn.

China National Chemical, a state-owned chemical company completed the acquisition of a 65% stake in Pirelli & C., the world's fifth-largest tyre maker, from Camfin, an Italian holding company. "We are delighted with the opportunity to team up with Marco Tronchetti Provera and his team to continue to build together a world class organization and a market leader in the global tire industry,” Ren Jianxin, ChemChina Chairman.