MILAN (Reuters) - China National Chemical Corp (ChemChina) said on Monday it had signed an agreement to buy a 1.574 percent stake in Italian tyre maker Pirelli (MI:PECI) held by Edizione Srl.
Last month ChemChina agreed to buy into the world's fifth-largest tyre maker in a 7.3 billion-euro (5.2 billion pounds) deal that will put the 143-year-old Italian company in Chinese hands.
ChemChina now has more than 30 percent of Pirelli's ordinary shares under contract, the company said in a statement.
Monday's agreement also contemplates the sale of exchangeable shares representing 3.034 percent of Pirelli's share capital, indirectly held by Edizione through Schematrentaquattro SpA, ChemChina added in the statement.