State-owned China National Chemical Corp (ChemChina) has secured EU antitrust approval for its 7.1 billion euro ($7.86 billion) bid for Italian tire maker Pirelli, creating a global leader with a 10 percent market share.
The EU gave the green light on Wednesday, according to a filing on the EU executive's website.
ChemChina unit China National Tire & Rubber will set up a joint venture to acquire a 26.2 percent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.
Larger rivals include France's Michelin and Germany's Continental.
