Beijing, June 5, 2015--Silk Road Fund, the recently launched Chinese investment fund, signs today an equity investment agreement with ChemChina to hold a 25% stake in CNRC International Holding (HK) Limited (“CNRC HK”).
CNRC HK was established to acquire, through its affiliates, the Pirelli ordinary shares owned by Camfin and thereafter to launch the Mandatory Tender Offer for Pirelli ordinary shares and the Voluntary Tender Offer for Pirelli savings shares, both at €15.00 per share, as announced by Camfinon March 22, 2015.
The acquisition has been approved by the relevant Chinese ity while the global antitrust review is under way. The acquisition of the Camfin shares is expected to be completed during summer 2015.
The signing of the agreements indicates that ChemChina, Silk Road Fund,Pirelli management and other partners involved in the transaction will join forces in the long term industrial investment in Pirelli as they are all committed to working together to build a market leader in the global tire industry.
Silk Road Fund is a $40 billion medium to long term investment fund established in Beijing in December 2014. It makes outbound investment through both equity and debt financing. The fund focuses on infrastructure, energy, industrialization and financial cooperation that are vital to the connectivity of the Chinese economy with the rest of the world.