中国化工将收购意大利轮胎制造商倍耐力

A subsidiary of China National Chemical Corporation will make a takeover bid for the Italian tire maker Pirelli after agreeing on Sunday to acquire the stake of Camfin, Pirelli’s largest shareholder, the companies said.

中国化工集团公司(China National Chemical Corporation)的一家子公司将对意大利轮胎制造商倍耐力(Pirelli)发起竞购。此前，这家公司于周日同意收购倍耐力最大股东Camfin的股份，这些公司透露。

As part of the deal, Camfin will sell its 26.2 percent stake in Pirelli to China National Tire and Rubber Company, or C.N.R.C., for 15 euros a share, which values Pirelli at 7.1 billion euros, or about $7.7 billion.

作为此次交易的一部分，Camfin将以每股15欧元（约合100元人民币）的价格，把它持有的26.2%的倍耐力股份，出售给中国化工橡胶有限公司。照此股价计算，公司估值约为71亿欧元，约合77亿美元。

Camfin’s owners then will form an industrial partnership with China National Tire and Rubber and will reinvest part of the sale proceeds into a new Italian company, which will hold the Pirelli stake and initiate a takeover bid for all of Pirelli’s outstanding stock, offering 15 a share.

随后，Camfin的所有者将与中国化工合伙成立工业企业，并将出售股份的部分收入，投入一家新成立的意大利企业。新公司将持有倍耐力的股份，并以每股15欧元的价格对倍耐力的所有流通股发起收购。

Shares of Pirelli closed up 2.2 percent at 15.23 in trading in Milan on Friday.

周五在米兰，倍耐力股价收市上涨2.2%，升至15.23欧元。

China National Tire and Rubber will control the new company, while the Camfin investors will own as much as 49.9 percent of its capital.

中化橡胶将拥有新公司的控股权，而Camfin的投资者则将拥有新公司高达49.9%的股份。

“We are delighted with the opportunity to team up with Mr. 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, chairman of China National Chemical Corporation, said in a news release.

中国化工董事长任建新在新闻稿中说，“我们很高兴有此机会与特隆凯蒂先生和他的团队进行合作，并继续共同建设一个世界级机构和全球轮胎行业的市场领导者。”

Camfin first confirmed on Friday that it was in talks with an “international industrial partner” to sell its stake in Pirelli, which is based in Milan.

周五，Camfin首先证实它在与一家“国际工业合作伙伴”进行谈判，以出售它所持有的倍耐力股份。倍耐力的总部设在米兰。

Camfin’s owners include Nuove Partecipazioni, which is owned by Marco Tronchetti Provera, the chairman and chief executive of Pirelli, and the Italian banks UniCredit and Intesa Sanpaolo.

Camfin的股东包括倍耐力董事长兼首席执行官马尔科·特龙凯蒂·普罗韦拉(Marco Tronchetti Provera)拥有的Nuove Partecipazioni，以及意大利的裕信银行(UniCredit)和联合圣保罗银行(Intesa Sanpaolo)。

The Russian state oil company Rosneft agreed to take a 50 percent stake in Camfin last year.

去年，俄罗斯国有的俄罗斯石油公司（Rosneft，简称俄油）曾同意收购Camfin公司50%的股份。

As part of the deal, Rosneft will exit its ownership in Camfin and receive a direct stake in the newly formed Italian company, which will hold Camfin’s former stake in Pirelli.

作为交易的部分内容，俄油将放弃它在Camfin的股权，并直接获得新成立的意大利公司的股份，这家新公司将持有Camfin之前所持的倍耐力股份。

If successful in its takeover bid, China National Tire and Rubber will seek to delist Pirelli and reorganize the company. It is expected to seek to integrate Pirelli’s industrial tire business with assets of China National Tire and Rubber and with the Fengshen Tires Stock Company, doubling the volume of the business and expanding Pirelli’s business in Asia.

如果收购成功，中化橡胶就会寻求让倍耐力退市，并对其进行重组。该公司预计将寻求整合倍耐力的工业轮胎业务、中化橡胶的资产，以及风神轮胎股份有限公司，将其业务规模增加一倍，并扩大倍耐力的亚洲业务。

China National Tire and Rubber also will choose a new leader of the board for Pirelli, and Mr. Tronchetti Provera will remain chief executive of the reorganized Pirelli, which will continue to be based in Italy. Mr. Tronchetti Provera will have the right to choose when to relist Pirelli.

中化橡胶还将为倍耐力的董事会挑选一位新领导人，而在倍耐力重组后，特龙凯蒂·普罗韦拉将继续担任首席执行官。倍耐力总部也将继续设在意大利。特龙凯蒂·普罗韦拉将有权选择何时让倍耐力重新挂牌。

“The parties recognize the pivotal role of Pirelli’s current top management as a key factor for the ongoing success and growth of Pirelli and its business,” Camfin said in a news release. “In fact, the partnership is predicated on the continuation of Pirelli’s entrepreneurial and business culture.”

“各方都意识到，倍耐力目前的高层管理人员可以发挥重要作用，是公司及其业务不断取得成功和发展的关键因素，”Camfin在新闻稿中说。“事实上，此次合作的基础就是倍耐力的创业精神与企业文化的延续。”

The transaction is subject to regulatory approval and is expected to close this summer. JPMorgan Chase has agreed to provide financing for the Pirelli acquisition.

此次交易还有待监管部门批准，预计将于今年夏天完成。摩根大通(JPMorgan Chase)已经同意为倍耐力的收购提供融资。

China National Tire & Rubber’s “approach to business and strategic vision guarantee Pirelli’s development and stability,” Mr. Tronchetti Provera said in a news release.

特龙凯蒂·普罗韦拉在新闻稿中说，中化橡胶的“经营方针和战略眼光保障了倍耐力的发展与稳定。”

China National Tire and Rubber was advised by Rothschild, ChemChina Finance Corporation and J.P. Morgan and the law firms Pedersoli e Associati Studio Legale, Clifford Chance and Jun He.

为中化橡胶提供顾问的是罗斯柴尔德(Rothschild)、中国化工财务有限公司和摩根大通，以及Pedersoli e Associati Studio Legale、高伟绅(Clifford Chance)，以及君合等律师事务所。

Lazard and the law firms Chiomenti and Lombardi Molinari Segni advised Camfin, while Ligerion and the law firm Linklaters advised the Rosneft investment vehicle.

拉扎德投资银行(Lazard)，以及凯明迪(Chiomenti)和Lombardi Molinari Segni等律师事务所为Camfin担当顾问；利格里昂(Ligerion)、年利达(Linklaters)律师事务所则在为俄油的投资平台提供顾问。