Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Italy opens procedure against China's Sinochem for possible breach of Pirelli governance

Italy has opened up an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, over possible violations of restrictions placed by Rome to protect strategic assets

Via AP news wire
Thursday 07 November 2024 06:46
Italy-China-Pirelli
Italy-China-Pirelli (Copyright 2024 The Associated Press. All rights reserved.)

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Italy has opened an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, for a possible breach of restrictions designed to protect national strategic assets.

Pirelli announced Wednesday that the procedure was launched under the so-called “golden power” provisions, which include restrictions to the access of some information and higher vote thresholds for strategic decisions, invoked by the Rome government in mid-2023.

Pirelli said Sinochem, which controls a 37% stake in the company, has denied any violations of the restrictions, adding the Italian government had 120 days to issue a finding.

In announcing the golden power provision, the government cited the sensitivity of sensors implanted in tires that can collect data such as road layouts, geolocation and the state of infrastructure, making it of a "critical technology of national strategic importance.”

The tiremaker’s second-largest investor is Camfin, the investment vehicle of Pirelli’s former CEO and current executive vice-chairman Marco Tronchetti Provera, which holds a 32.4% stake.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in