Pirelli set to declare end of Chinese investor's control over governance, paper says

Reuters

Sat, Apr 26, 2025, 5:04 AM 1 min read

MILAN (Reuters) -Pirelli's committee is expected to o.k. connected Monday an accord betwixt shareholders to found that the group's largest investor, China's state-owned Sinochem, does not workout power implicit the tyre maker, an Italian regular said.

Chinese and Italian shareholders successful Pirelli person been astatine likelihood implicit the group's governance, with Sinochem posing a hurdle to Pirelli's U.S. enlargement ambitions.

Under an statement reported by Il Messaggero newspaper, portion Sinochem volition clasp its 37% involvement successful Pirelli, it volition nary longer beryllium considered arsenic having power of the institution for regulatory purposes.

The statement would state that Sinochem holds nary ascendant power implicit the company's governance, fixed that decisions are taken by the management, Il Messaggero reported.

Pirelli and Sinochem were not instantly disposable to comment.

Pirelli earlier this period said it had enactment connected clasp plans to put further successful the United States arsenic it tried to creaseless retired tensions linked to having Sinochem arsenic its largest investor.

Pirelli's committee meets connected Monday to o.k. the company's fiscal study for 2024. Initially scheduled astatine the extremity of March, the committee gathering was postponed by a period amid protracted tensions betwixt starring investors.

(Reporting by Valentina Za and Giulio Piovaccari; Editing by Aidan Lewis)