CHINA IN CONTROL: China National Chemical purchased Pirelli, though the tyremaker will retain current CEO Marco Tronchetti Provera. Image: AP
LONDON, England - China bought Formula 1's official tyre supplier - the 140-year-old Pirelli tyre company.
Forbes reports, state-owned China National Chemical, or Chem China, secured control of the Milan-based company, valued at over R90-billion.
According to Forbes, the deal "will put 140 years of Italian tradition and research and development at the service of the huge Chinese market".
FUTURE OF PIRELLI
Pirelli chief executive Marco Tronchetti Provera, however, will retain his role.
Forbes correspondent Marcel Michelson added: "...but the new paymaster, reports to China's State-owned Asset Supervision and Administration Commission, headed by Zhang Yi who sits on the central committee of the communist party".