Pirelli shareholders approve Marco Polo Industrial Holding merger

Milan (AFP) –


Shareholders of the leading Italian tyremaker Pirelli approved on Monday a proposed merger with the Chinese company Marco Polo Industrial Holding.

The merger, due to be implemented by mid-2016, will culminate the 7.4-billion-euro ($8.25-billion) takeover of Pirelli last year by China National Chemical Corporation (ChemChina) last year, which controls Marco Polo Industrial Holding.

Shareholders also confirmed the arrival of seven new advisors, six of whom are Chinese, to the group's board.

Pirelli is a flagship company for Milan, Italy's economic capital, where it began business in 1872 by making bicycle wheels before moving into the nascent car industry.