The European Commission said late last week that it has approved of a proposed merger between two steel tire cord manufacturers.
Reports say Italy-based Pirelli will be acquired by Belgium-based NV Bekaert, a deal first proposed last February. In its decision, the EU regulator said that not only would the buyout not raise significant competition concerns, but that the steel tire market is facing over-capacity.
Under terms of the deal, Bekaert will acquire Pirelli assets within Italy, Romania, Turkey, China and Brazil.
Full content: Tyre Press
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