Chinese Tyre Maker To Make Bid For Pirelli

China National Tyre and Rubber Company (CNRC) will be making a takeover bid for Italian tyre maker Pirelli, reports the New York Times. 

CNRC's bid for Pirelli is made via Camfin, Pirelli's largest shareholder, which has agreed to sell its 26.2 percent stake in Pirelli to CNRC.

Camfin's owners - among others include Nuove Partecipazioni, which is owned by Pirelli's chairman and CEO Marco Tronchetti Provera - will then form a partnership controlled by CNRC, which will then hold the stake in Pirelli before initiating a takeover bid for all of Pirelli's outstanding shares.

If successful, CNRC will reportedly seek to delist Pirelli and integrate Pirelli within CNRC.

Pirelli has been the sole tyre supplier for Formula One since 2011, after Bridgestone pulled out of the sport.