Pirelli Says Italian Government Curbs Powers of Major Shareholder Sinochem

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Pirelli Says Italian Government Curbs Powers of Major Shareholder Sinochem

   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)

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