Italy reviews limiting China's Sinochem influence over Pirelli -Bloomberg News

April 04, 2023 10:47 PM CEST | By Reuters
Image source: Reuters

(Reuters) - Italy is studying ways to curtail the influence of China's Sinochem on tire maker Pirelli SpA, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Sinochem is Pirelli's largest shareholder, with a 37% stake.

Italian officials are discussing several options as part of talks with Pirelli investors over the company's ownership structure, the report said.

These options include limiting information sharing on sensitive and strategic technology with Sinochem-appointed board members, the report said, adding that they may also limit voting rights of board members that Sinochem appoints.

There are 15 members on Pirelli's board but it is unclear how many are from Sinochem.

Pirelli and Sinochem did not immediately respond to Reuters request for comments.

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Leslie Adler and Josie Kao)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Top LSE Listed Companies