Jun 19, 2023

Pirelli: Italy blocks Chinese control of tyre giant

Italy has moved to block a Chinese state-owned company from taking control of tyre making giant Pirelli. Beijing-controlled chemical giant Sinochem is Pirelli's biggest shareholder, with a 37% stake in the 151-year-old Milan-based firm. On Sunday, Pirelli said in a statement to investors that the Italian government had ruled that only Camfin - a company controlled by Pirelli's boss Marco Tronchetti Provera - could nominate candidates to be its chief executive. In 2015, Pirelli was sold for 7.1bn euro to a group of investors including ChemChina and Camfin. The Chinese government's Silk Road investment fund also owns a 9% stake in Pirelli.

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