中國化工將收購意大利輪胎製造商倍耐力

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.

中國化工集團公司(China National Chemical Corporation)的一家子公司將對意大利輪胎製造商倍耐力(Pirelli)發起競購。此前，這家公司於週日同意收購倍耐力最大股東Camfin的股份，這些公司透露。

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.

作爲此次交易的一部分，Camfin將以每股15歐元（約合100元人民幣）的價格，把它持有的26.2%的倍耐力股份，出售給中國化工橡膠有限公司。照此股價計算，公司估值約爲71億歐元，約合77億美元。

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.

隨後，Camfin的所有者將與中國化工合夥成立工業企業，並將出售股份的部分收入，投入一家新成立的意大利企業。新公司將持有倍耐力的股份，並以每股15歐元的價格對倍耐力的所有流通股發起收購。

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

週五在米蘭，倍耐力股價收市上漲2.2%，升至15.23歐元。

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.

中化橡膠將擁有新公司的控股權，而Camfin的投資者則將擁有新公司高達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.

中國化工董事長任建新在新聞稿中說，“我們很高興有此機會與特隆凱蒂先生和他的團隊進行合作，並繼續共同建設一個世界級機構和全球輪胎行業的市場領導者。”

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.

週五，Camfin首先證實它在與一家“國際工業合作伙伴”進行談判，以出售它所持有的倍耐力股份。倍耐力的總部設在米蘭。

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的股東包括倍耐力董事長兼首席執行官馬爾科·特龍凱蒂·普羅韋拉(Marco Tronchetti Provera)擁有的Nuove Partecipazioni，以及意大利的裕信銀行(UniCredit)和聯合聖保羅銀行(Intesa Sanpaolo)。

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

去年，俄羅斯國有的俄羅斯石油公司（Rosneft，簡稱俄油）曾同意收購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.

作爲交易的部分內容，俄油將放棄它在Camfin的股權，並直接獲得新成立的意大利公司的股份，這家新公司將持有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.

如果收購成功，中化橡膠就會尋求讓倍耐力退市，並對其進行重組。該公司預計將尋求整合倍耐力的工業輪胎業務、中化橡膠的資產，以及風神輪胎股份有限公司，將其業務規模增加一倍，並擴大倍耐力的亞洲業務。

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.

中化橡膠還將爲倍耐力的董事會挑選一位新領導人，而在倍耐力重組後，特龍凱蒂·普羅韋拉將繼續擔任首席執行官。倍耐力總部也將繼續設在意大利。特龍凱蒂·普羅韋拉將有權選擇何時讓倍耐力重新掛牌。

“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.”

“各方都意識到，倍耐力目前的高層管理人員可以發揮重要作用，是公司及其業務不斷取得成功和發展的關鍵因素，”Camfin在新聞稿中說。“事實上，此次合作的基礎就是倍耐力的創業精神與企業文化的延續。”

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.

此次交易還有待監管部門批准，預計將於今年夏天完成。摩根大通(JPMorgan Chase)已經同意爲倍耐力的收購提供融資。

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.

特龍凱蒂·普羅韋拉在新聞稿中說，中化橡膠的“經營方針和戰略眼光保障了倍耐力的發展與穩定。”

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.

爲中化橡膠提供顧問的是羅斯柴爾德(Rothschild)、中國化工財務有限公司和摩根大通，以及Pedersoli e Associati Studio Legale、高偉紳(Clifford Chance)，以及君合等律師事務所。

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

拉扎德投資銀行(Lazard)，以及凱明迪(Chiomenti)和Lombardi Molinari Segni等律師事務所爲Camfin擔當顧問；利格里昂(Ligerion)、年利達(Linklaters)律師事務所則在爲俄油的投資平臺提供顧問。