Press release from the Competition Council regarding the project to create a joint venture by the “Public Investment Fund (PIF)” and the company “Pirelli Tyre SPA”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the following “operation summary” containing information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.

Names of the companies and groups involved:

• Public Investment Fund (PIF);
• Pirelli Tyre SPA

Nature of the operation

• Creation of a joint venture.

Economic sector concerned

• Production and sale of certain tires for sports utility vehicles and passenger cars;

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., January 15, 2024.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation, whereby the “Public Investment Fund (PIF)” and the company “Pirelli Tyre SPA” plan to create a joint venture in Saudi Arabia, in accordance with the agreement reached between the parties on October 26, 2023, which will be active in the production and sale of certain tires for sports utility vehicles and passenger cars.

Established in Riyadh, Saudi Arabia, in 1971, the “Public Investment Fund (PIF)” is the sovereign wealth fund of Saudi Arabia. It holds direct and indirect investments in a number of sectors in Saudi Arabia and worldwide, including food and agriculture, energy, financial sector, manufacturing industry, real estate, logistics, and digital sectors.

The company “Pirelli Tyre SPA” operates under the direction and coordination of the company “Pirelli & C. SpA”, which is a multinational tire manufacturing and supply company. “Pirelli Tyre SPA” focuses on the manufacturing and supply of tires for cars, motorcycles, and bicycles, as well as the provision of associated services.

 

Done in Rabat, January 4, 2024