Jammu and Kashmir News Report
Buisness

Italy forbids China from taking up tyre industry titan Pirelli

<p>According to media reports, Italy has taken action to prevent a state-owned Chinese corporation from acquiring control of Pirelli, a major producer of tyres.</p>
<p>According to the BBC, the decision is a component of steps taken by the Italian government to preserve Pirelli’s independence.<img decoding=”async” loading=”lazy” class=”alignnone wp-image-30398″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-italy-forbids-china-from-taking-up-tyre-industry-titan-pirelli-e52e430f2cbae1d38aecccfd3f068f32-11zon-750×387.png” alt=”” width=”1188″ height=”613″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-italy-forbids-china-from-taking-up-tyre-industry-titan-pirelli-e52e430f2cbae1d38aecccfd3f068f32-11zon-750×387.png 750w, https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-italy-forbids-china-from-taking-up-tyre-industry-titan-pirelli-e52e430f2cbae1d38aecccfd3f068f32-11zon-768×397.png 768w, https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-italy-forbids-china-from-taking-up-tyre-industry-titan-pirelli-e52e430f2cbae1d38aecccfd3f068f32-11zon.png 968w” sizes=”(max-width: 1188px) 100vw, 1188px” /></p>
<p>Sinochem, a Beijing-controlled chemical juggernaut that has a 37% interest in the 151-year-old Milan-based company, is Pirelli’s largest shareholder.</p>
<p>Given that US Secretary of State Antony Blinken is presently in China, it comes at a time when tensions between Beijing and the West are in the spotlight.</p>
<p>According to the BBC, Pirelli said in a statement to investors that the Italian government had decided that only Camfin, a business owned by Pirelli’s CEO Marco Tronchetti Provera, may propose candidates for the position of chief executive.</p>
<p>Additionally, Pirelli said that any modifications to the corporation’s corporate governance will be subject to governmental review.</p>
<p>It followed Sinochem’s March announcement that it would be renewing and updating an existing shareholder agreement.</p>
<p>According to the BBC, the government of Italian Prime Minister Giorgia Meloni investigated the arrangement in accordance with the “Golden Power Procedure” regulations, which are meant to safeguard companies that are seen to be strategically significant to the state.</p>
<p>Pirelli was sold to a consortium of investors in 2015 for 7.1 billion euros ($7.8 billion), including ChemChina and Camfin.</p>
<p>ChemChina merged with state-owned Sinochem six years later.</p>
<p>A further 9% of Pirelli is owned by the Silk Road Investment Fund of the Chinese government.</p>

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