ChemChina chairman: Counterbid for Pirelli will hurt investors

29/03/2015 - 5:58

BEIJING (Reuters) - The chairman of China National Chemical Corp (ChemChina) warned on Sunday that a counter-bid for Italy's Pirelli will hurt its investors and long-term strategy after his firm agreed to acquire the world's fifth-largest tire maker.

Ren Jianxin told reporters on Sunday that he hopes to relist Pirelli in Italy.

State-owned ChemChina is to buy Pirelli in a deal worth more than 7 billion euros that will put the Italian industrial icon in Chinese hands.

(Reporting by Chen Aizhu and Matthew Miller, Writing by Sui-Lee Wee; Editing by Michael Perry)