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

Thousands of Spaniards protest housing crunch and high rents in Barcelona

BARCELONA, Spain -- Thousands of Spaniards rallied in downtown Barcelona on Saturday to protest the skyrocketing cost...

Even with access to blockbuster obesity drugs, some people don't lose weight

Unlike scores of people who scrambled for the blockbuster drugs Ozempic and Wegovy to lose weight in...

Moody's credit rating upgrade for Cyprus opens the door to investment, president says

NICOSIA, Cyprus -- Moody’s two-notch upgrade of Cyprus' credit rating to A3 from Baa2 opens the threshold...

Hydrate. Make lists. Leave yourself time. And other tips for reducing holiday travel stress

Travel can be stressful in the best of times. Now add in the high-level anxiety that seems...

Negotiators work through the night at UN climate talks to try to reach a cash deal for poor nations

BAKU, Azerbaijan -- The United Nations' annual climate talks pushed into overtime Saturday under a cloud of...

What to know about Lori Chavez-DeRemer, Trump's pick for labor secretary

WASHINGTON -- WASHINGTON (AP) — President-elect Donald Trump on Friday named Oregon Rep. Lori Chavez-DeRemer to lead...

Trump nominates Marty Makary, a critic of some COVID-19 health measures, to lead the FDA

WASHINGTON -- President-elect Donald Trump on Friday nominated Dr. Marty Makary to lead the Food and Drug...

What to know about Scott Bessent, Trump's pick for treasury secretary

WASHINGTON -- WASHINGTON (AP) — President-elect Donald Trump has chosen money manager Scott Bessent, an advocate for...