Pirelli to come under Chinese ownership

China National Chemical Corporation (ChemChina) will take over ownership of Pirelli by buying into Formula One’s official tyre supplier in a 7.1 billion Euro deal.

The Chinese state-owned firm will acquire 26.2% of the world’s fifth-largest tyre maker by purchasing the Italian holding company Camfin that currently owns the stake.

"The partnership with a global player like ChemChina, through its affiliates, represents a great opportunity for Pirelli," said Pirelli chairman and chief executive Marco Tronchetti Provera, who has been in charge for over 20 years.

"CNRC's approach to business and strategic vision guarantee Pirelli's development and stability."

Pirelli has been Formula One’s sole tyre supplier since Japanese manufacturer Bridgestone withdrew from the sport at the end of the 2010 season, with the Milan-based company having a contract through 2016.

The ChemChina/Pirelli deal comes at the time when the FIA is expected to start conducting a new tender process for the exclusive tyre supply in F1 from 2017 onwards.

Click here for the full gallery of the 2015 F1 drivers helmets

Keep up to date with all the F1 news via Facebook and Twitter

Julien Billiotte

Recent Posts

Alonso pushed through agonizing pain to complete Sao Paulo GP

Fernando Alonso braved both physical agony and mechanical challenges in the Sao Paulo Grand Prix,…

28 mins ago

Alpine double-podium in Brazil could deliver $30 million windfall

Alpine’s remarkable double podium at the São Paulo Grand Prix with Esteban Ocon and Pierre…

15 hours ago

F1i's Driver Ratings for the 2024 São Paulo GP

Alexander Albon, Williams (Did Not Start): 5.5/10 Alex Albon is definitely going through something of…

16 hours ago

Jos Verstappen rips British media after Brazilian Max fest

Jos Verstappen wasted no time after his son spectacular win at the São Paulo Grand…

18 hours ago

Leclerc left with ‘mixed feelings’ after disappointing Sao Paulo GP

Charles Leclerc's weekend in Sao Paulo was unfortunately a stark contrast to Ferrari's recent triumphs…

20 hours ago

Back when Kimi knew exactly what he was doing

Twelve years ago on this day, Kimi Raikkonen took a popular win at the 2012…

21 hours ago