M&A: cnrc- Pirelli(Italy) Case 6 China National Tyre Camfin and Rubber co. ltd BidCo2 (manufacture 26.2% distribution) Other pirelli Takeover shareholders offer Chem China Pirelli Spa(listed) Antitrust issues Contract for Long-term State-owned Assets Industrial partnership Supervision and 'Two-step process Administration pirelli delisting Commission-SASAC Future structure of pirelli CESLELECTIVE-APRIL2016 17CESL ELECTIVE - APRIL 2016 17 M & A: CNRC – Pirelli (Italy) CASE 6 ChemChina China National Tyre and Rubber Co. Ltd. (manufacture + distribution) State-owned Assets Supervision and Administration Commission-SASAC BidCo2 26.2 % Pirelli SpA (listed) Camfin Other Pirelli Takeover shareholders offer Contract for Long-term Industrial Partnership ▪Two-step process ▪Pirelli delisting ▪Future structure of Pirelli Antitrust issues ?