Italy opens procedure against China's Sinochem for possible breach of Pirelli governance

Date:

Share post:


Italy has opened up an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, over possible violations of restrictions placed by Rome to protect strategic assets

MILAN — Italy has opened an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, for a possible breach of restrictions designed to protect national strategic assets.

Pirelli announced Wednesday that the procedure was launched under the so-called “golden power” provisions, which include restrictions to the access of some information and higher vote thresholds for strategic decisions, invoked by the Rome government in mid-2023.

Pirelli said Sinochem, which controls a 37% stake in the company, has denied any violations of the restrictions, adding the Italian government had 120 days to issue a finding.

In announcing the golden power provision, the government cited the sensitivity of sensors implanted in tires that can collect data such as road layouts, geolocation and the state of infrastructure, making it of a “critical technology of national strategic importance.”

The tiremaker’s second-largest investor is Camfin, the investment vehicle of Pirelli’s former CEO and current executive vice-chairman Marco Tronchetti Provera, which holds a 32.4% stake.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Trump's tariffs in his first term did little to alter the economy, but this time could be different

WASHINGTON -- Donald Trump loved to use tariffs on foreign goods during his first presidency. But their...

Landmark fish and meat markets in London to close, ending 1,000 years of tradition

LONDON -- Two of London's most famous markets — one selling fish, the other meat — are...

US inflation gauge ticks higher with price pressures still stubborn

WASHINGTON -- Consumer price increases accelerated last month, the latest sign that inflation's steady decline over the...

Agribusiness-friendly states in Brazil try to undo forest protections

BRASILIA, Brazil -- Several states in Brazil are trying to rid themselves of rainforest protections, bowing to...

Number of Americans filing for unemployment falls again, hovers near 7-month lows

The number of Americans applying for unemployment benefits fell last week, remaining near seven-month lows.Jobless claim applications...

Two companies drop McGregor after civil jury ruled he must pay $250K to woman who says he raped her

Two companies have cut ties with Conor McGregor after a civil court jury in Ireland ruled last...

Sarasota program pays some families' bills as they recover from hurricane season

Cecilia Grove didn’t work for 38 days after Hurricane Helene's storm surge flooded the kitchen of the...

Volkswagen and Chinese partner SAIC to sell joint venture plant in west China's Xinjiang

BANGKOK -- BANGKOK (AP) — Volkswagen and Shanghai's SAIC Motor have agreed to sell a factory in...