LONDON : Chinese state-owned Sinochem Group is expected to keep its stake in Pirelli despite a move by the Italian government to limit its influence at the tyre maker, three sources close to the matter told Reuters.Rome last week intervened over a governance agreement at Pirelli between largest shareholde
LONDON : Chinese state-owned Sinochem Group is expected to keep its stake in Pirelli despite a move by the Italian government to limit its influence at the tyre maker, three sources close to the matter told Reuters.
Rome last week intervened over a governance agreement at Pirelli between largest shareholder Sinochem and fellow investor Camfin, using"golden power" legislation that protects key national assets. The ruling gave Camfin permanent power to designate the company's CEO and effective control over strategy but stopped short of demanding Chinese state-owned Sinochem cut its stake or freezing its voting rights.
Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, who has led Pirelli since 1992, holds a 14.1 per cent stake while Sinochem has a 37 per cent holding. The ruling leaves Sinochem with little say in Pirelli's management, one of the sources said, but the company will still likely stay a long-term investor.
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