Chinese State Company ChemChina Launches Bid For Italy's Pirelli

China's biggest state-owned chemical company says it plans to acquire Italian tire manufacturer Pirelli, adding to a string of high-profile Chinese corporate purchases in Europe. ChemChina says it's buying a roughly 26% stake in Pirelli from its biggest shareholder, Camfin. In addition to buying the part of the company that Camfin owns, ChemChina says it will also offer to buy the remaining outstanding shares. If completed, the deal will value Pirelli at $8.8 billion. Europe is seen as an attractive market for acquisitions due to the relative weakness of the euro right now. If the deal goes through, it would be one of China's biggest to date in Europe.