By alley - Mar 23, 2015, 12:27 PM ET

Chinese company seeking controlling interest in Pirelli

Formula 1's tire supplier could go from Italian to Chinese majority ownership, if a takeover bid for Pirelli by China National Chemical Corp. and other investors is successful.

According to the

Wall Street Journal

, a unit of China National Chemical known as ChemChina has offered to pay about $1.9 billion initially to buy a 26% stake in Pirelli owned by Camfin, an investment vehicle indirectly controlled by Pirelli Chief Executive and Chairman Marco Tronchetti Provera. The deal would give China – now the largest auto market in the world – control of one of the world’s top tire brands. Pirelli’s headquarters will remain in Milan, however, as will the company’s research and development facilities, according to the WSJ.

Pirelli has served as F1's tire supplier sinnce 2011. It's current contract runs through 2016, and while it wants to continue, the company's motorsport boss Paul Hembery noted last week that

it would be difficult to commit to a contract extension

before the sport's plans for significant rules changes for 2017 are settled.