MILAN :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 its largest shareholder
MILAN :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.
The ruling gave Camfin permanent power to designate the company's CEO and effective control over strategy but stopped short of demanding Sinochem cuts its stake or freezing its voting rights. While the ruling leaves Sinochem with little say in Pirelli's management, the company will likely remain a long-term investor, one of the sources said.More light will be shed on Sinochem's plans by looking at the profiles of candidates they designate for Pirelli's new board to be appointed at the end of July, the source said. That will give clues as to whether they plan to cooperate with Pirelli management or seek to push back with their own agenda.
That source added that Beijing could see a retreat from Pirelli as a reputational setback, at a time of tenser relations between China and Western countries.Pirelli shareholders also include China's state-owned Silk Road Fund, with a 9 per cent stake, and Italian premium brake maker Brembo with around 6 per cent.
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