Latham, Clifford Chance and Linklaters among firms on €7.1bn Pirelli takeover by Chinese state-owned company
Trio among seven firms to act as Pirelli shareholders agree sale of 26.2% stake to Chinese state-owned company
March 23, 2015 at 12:09 PM
2 minute read
Clifford Chance (CC), Linklaters and Latham & Watkins have lined up among leading Italian firms to advise on a takeover bid for tyremaker Pirelli by China National Chemical (ChemChina).
ChemChina is set to buy a 26.2% stake in Pirelli, which is currently held by Italian investment firm Camfin, through its tyre-making unit China National Tire & Rubber in a deal valuing Pirelli at €7.1bn (£5.1bn).
Pirelli's major shareholders agreed to the offer on Sunday. State-owned ChemChina says it plans to bid for the remaining shares and is also looking to take Pirelli private.
Pedersoli e Associati Studio Legale and Jun He are acting for ChemChina on M&A matters in Italy and China respectively.
Meanwhile, CC is leading on ChemChina's debt financing structure for the acquisition, with a team led by finance partners Charles Adams and Giuseppe de Palma in Milan.
The financing will be governed by English law but there are New York law aspects involved and support required in Beijing, where ChemChina is based, so London leveraged finance and high-yield partner Michael Dakin and Beijing banking and finance partner Maggie Lo have also been called in.
Italian duo Chiomenti Studio Legale and Lombardi Molinari Segni Studio Legale are advising Camfin on the sale. Latham is acting for JPMorgan Chase.
Meanwhile, Linklaters is advising Long Term Investments, a private Russian investment company taking a small interest in the new partnership.
The Linklaters team is being led by corporate partners Giovanni Pedersoli and Pietro Belloni in Milan alongside Moscow partner Grigory Gadzhiev.
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