Italian tire maker Pirelli (PECI.MI), which is being bought by China National Chemical Corp (ChemChina), does not plan to pay a special dividend to its shareholders as part of the buyout deal, two sources with direct knowledge of the matter said. Analysts have said that a special dividend could have acted as a "sweetener" to convince shareholders to tender in their shares when ChemChina and Pirelli's current shareholders launch a mandatory bid on the company with a view to de-list it. The buyout bid price has been set at 15 euros share, but Pirelli's stock is already trading at around 15.5 euros - prompting some speculation ChemChina may have to raise its bid.
via Business News http://ift.tt/19PrBxp
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