MILAN, Italy (May 13, 2016) — The merger of Pirelli & C. S.p.A. and China National Chemical Corp. (ChemChina) will take judicial effect on June 1, Pirelli disclosed this week, with all accounting and fiscal effects to be retroactives to Jan. 1.
Technically speaking, the merger affects Pirelli and Marco Polo Industrial Holding — the investment vehicle set up by China National Chemical Corp. (ChemChina) last year to carry out its acquisition of Pirelli.
In its first quarter earnings report, Pirelli noted that on May 6 “the deed for the merger between Marco Polo Industrial Holding and Pirelli S.p.A. was stipulated.”
Pirelli shareholders approved a series of measures Feb. 15 at a regularly scheduled shareholders' meeting that moved the merger forward.
Among the measures approved was confirmation of ChemChina-nominated executives Ren Jianxin, Yang Xingqiang, Bai Xinping, Ze'ev Goldberg, Tao Haisu, Wang Dan and Zhang Junfang as directors of the new company.