Brussels, 30 January 2024
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.
More information is available on the Commission’s competition website, in the public case register under the case number M.11396.
Source – EU Commission