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ChemChina chairman: Counterbid for Pirelli will hurt investors
BEIJING, March 29 (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 tyre 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)
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