Pirelli Says Italian Government Curbs Powers of Major Shareholder Sinochem
June 19 2023 - 2:52AM
Dow Jones News
By David Sachs
Pirelli said Sunday that the Italian government has limited the
influence of Chinese state-owned company Sinochem, a major
shareholder in the company, including its ability to nominate a new
chief executive.
The Italian tire maker said that China National Tire and Rubber
Corp., a company of Sinochem Group, must give Pirelli full autonomy
in regard to its strategic, industrial and financial plans.
The decision falls under Italy's "golden power" rule that allows
the government to intervene in matters deemed to be in the national
public interest. Pirelli's technology is also protected by the
ruling, the company said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
June 19, 2023 02:37 ET (06:37 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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