Clifford Chance, Linklaters and Latham & Watkins are among the seven firms advising on state-owned China National Chemical Corp.’s bid to acquire Italian tire maker Pirelli & C. SpA.
China National Chemical, also known as ChemChina, will first buy 26.2 percent of Pirelli from main shareholder Camfin SpA., a company owned by Pirelli chairman Marco Tronchetti Provera, for $1.9 billion. ChemChina will then join Camfin and other investors, including Russian investment firm Long Term Investments, to bid for all of the outstanding shares of Milan-listed Pirelli for $16.44 apiece. ChemChina will control a majority of the consortium.
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