EU Commission Clears JV Creation between Pirelli and PIF

The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Pirelli Tyre S.p.A. (‘Pirelli’) of Italy and Public Investment Fund (‘PIF’) of Saudi Arabia.

The transaction relates primarily to the production and sale of tyres in Saudi Arabia.

The Commission concluded that the proposed acquisition would raise no competition concerns, given that the joint venture has no current or foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.

Joint Venture aims to Establish Leading Tire Manufacturing Facility in Saudi Arabia.

Source: European Commission