China Chemical Corporation's acquisition of Italian tire manufacturer Pirelli for 7.1 billion euros has received EU antitrust approval and is expected to create a leader in the global market share of 10%. China National Chemical Rubber Corporation, a subsidiary of China National Chemical Corporation, will establish a joint venture to acquire a 26.2% stake in Pirelli held by Italian holding company Camfin, and then initiate a compulsory acquisition of the remaining shares.

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