1. CNRC, Pirelli OK asset swaps

    China National Rubber Co. (CNRC) and Pirelli & Co. S.p.A. have approved the transfer of ownership stakes in their respective consumer and industrial tire activities to each other.

    The transaction, according to Pirelli, will boost its available annual consumer tire capacity in China by about 75 percent to 12 million units.

    The asset swap is in line with terms of the merger to which the firms previously agreed.

    CNRC has agreed to transfer to Pirelli an 80-percent ownership stake in the car tire activities of its Aoelus Tyre Co. Ltd. unit. Pirelli plans to transfer a 10-percent ownership stake in its industrial (truck and farm tires) business to CNRC.

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