It is reported that, funded by China's Sinochem to set up Marco Polo industrial holding company, recently passed a mandatory tender offer completed on Pirelli (Pirelli) in shareholders equity of about 70.6% of the acquisition. These shares represent approximately 54% of Pirelli’s shares.
Marco Polo acquires approximately 70.6% stake in Pirelli
In this way, plus the previously held shares, Marco Polo already holds about 87% of Pirelli's shares and becomes its largest shareholder. According to the media, such a high percentage of equity is close to the red line of 90% of Pirelli’s privatization.
According to the latest news obtained by the media, nearly half of Pirelli's board of directors has submitted resignations to the company.
From October 19, 2015, five board members will not serve on Pirelli's board of directors. They are Anna Maria Artoni, Didier Casimiro, Ivan Glasenberg, Petr Lazarev and Igor Soglaev.
The Pirelli Board of Directors has a total of 15 members. The other two board members, Paolo Fiorentino and Gaetano Miccichè, resigned as directors as early as August 1, 2015.
During this initial phase, Design Engineers, Tooling Engineers, Materials Engineers, Manufacturing Engineers, Quality Engineers, and Lab Technicians work together to determine product specifications, tooling component capabilities, tooling materials, operating limitations, and any required product enhancements and improvements. The team specifically looked for any potential issues with part geometry or tolerances that could result in poor steel condition or require special tool features such as lifters, slides and threading/unthreading. The physical and chemical properties of the selected resins are also evaluated in order to select suitable mold steels and review mold cooling. In addition to determining the proper vent location, a mold flow evaluation is performed to determine the optimal gate type and gate location.
The manufacturability review includes the validation of standard plastic design practices and the incorporation of tooling details to create the most robust design possible. Tool specifications and tool provenance are finalized and purchased component sources are qualified. A comprehensive Process Failure Mode Effects Analysis (PFMEA) was also completed.
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