Pirelli & C. S.p.A. (BIT:PIRC) agreed to acquire a 49% stake in Jining Shenzhou Tire Co., Ltd. from Hixih Rubber Industry Group Co. Ltd. for approximately €65 million on August 1, 2018. Under the terms of the agreement, Pirelli will manage the operation of the plant and acquire a 49% stake with the right to increase it up to 70% in the period from January 1, 2021 to December 2025. The transaction, which is subject to the obtainment of the relevant approvals from local authorities, is expected to close by the end of the current year