8. ACQUISITION OF NON-CONTROLLING INTERESTS IN SUBSIDIARIES

On July 5, 2011 Pirelli Tyre S.p.A. paid euro 28,024 thousand to acquire 15% of the company Pirelli Tyre Co. Ltd (head office in China), increasing its shareholding from 75% to 90%. The carrying value of non-controlling interests at the acquisition date was euro 17,796 thousand. The difference between the price paid and the acquired equity, amounting to euro 10,228 thousand, was recognised as a reduction in the equity attributable to owners of the parent company.

On December 23, 2011 the Camfin Group received euro 6,983 thousand in exchange for transferring to Pirelli & C. S.p.A. 49% of the environmental products and services business unit (Pirelli & C. Ambiente S.p.A. and Pirelli & C. Eco Technology S.p.A.), which consequently increased its share of ownership from 51% to 100%. The carrying value of non-controlling interests at the transfer date was a negative euro 25,766 thousand. The difference between the price paid and the transferred equity, amounting to euro 32,749 thousand, was recognised as a reduction in the equity attributable to owners of the parent company.

The following table shows the effects on equity of the transactions described above:

(in thousands of euro)
  2011
  Pirelli Tyre Co Ltd Environment products
and services BU
TOTAL
Non-controlling interest’s share of Equity at date of acquisition/transfer 17,796 (25,766) (7,970)
Price paid (28,024) (6,983) (35,007)
Impact on Equity attributable to owners of Parent Company (10,228) (32,749) (42,977)