MOSCOW (March 18, 2014) — Russia’s Rosneft Oil Co. has struck a deal with an international banking consortium to buy what amounts to a 13-percent stake in Pirelli & C. S.p.A., the tire maker with which Rosneft already has a number of cooperation deals in place.
Rosneft said it reached an agreement with a consortium comprising Unicredit Bank, Intesa Banking Group and Clessidra Fund to buy 50 percent of Nuove Partecipazioni, a new company being formed to buy out Camfin S.p.A.’s 26.2-percent stake in Pirelli.
The transaction will be carried out at a value of 12 euro ($16.80) per share, Rosneft said, “subject to mechanisms for corporate cooperation with possible creation of a separate legal entity.”
Unicredit and Intesa each will hold 10-percent stakes in the new company, Intesa SanPaulo said.
Implementation of this agreement will tighten business relationships between Rosneft and Pirelli under terms of agreements previously reached and implementation of plans of the companies for extension of joint international projects, Rosneft said.
Pirelli’s dealings with Rosneft date back to last April, when the two concerns agreed to work together to build a network of premium tire stores at Rosneft’s branded filling stations throughout Russia.
Since then, Pirelli and Rosneft have signed two more cooperation pacts, one covering joint research and development activities covering synthetic rubber, reinforcing materials and fillers and another covering joint R&D into SR in Armenia, with local producer Oil Techno.
Rosneft is considered the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Its activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|