“ITALIAN industrial policy is now made in Beijing,” lamented Romano Prodi, a former Italian prime minister, on March 23rd. His comment followed news the day before that China National Chemical Corporation (CNCC), a state-owned conglomerate, would buy Pirelli, an Italian tyremaker, for €7 billion ($7.7 billion). It will be the biggest Chinese investment in Italy so far, but just the latest in a string of acquisitions driven by China’s growing appetite for Europe’s brands and technology. CNCC agreed with Pirelli’s controlling shareholders to buy Camfin, a holding company which owns 26% of the tyremaker, as a first step before launching a takeover bid for the whole group.
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