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Italy opens procedure against Chinese Sinochem for possible violation of Pirelli governance – Winnipeg Free Press
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Italy opens procedure against Chinese Sinochem for possible violation of Pirelli governance – Winnipeg Free Press

MILAN (AP) — Italy has opened administrative proceedings against China’s Sinochem, the largest shareholder of Italian tire maker Pirelli, for possible violation of restrictions intended to protect national strategic assets.

Pirelli announced on Wednesday that the procedure had been launched under the so-called “golden power” provisions, which include restrictions on access to certain information and higher voting thresholds for strategic decisions, invoked by the government from Rome in mid-2023.

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


FILE - Pirelli President Marco Tronchetti Provera is silhouetted as he walks past the company logo to leave at the end of a meeting in Milan, Italy, Tuesday, April 17, 2007. (AP Photo/ Luca Bruno), File)
FILE – Pirelli President Marco Tronchetti Provera is silhouetted as he walks past the company logo to leave at the end of a meeting in Milan, Italy, Tuesday, April 17, 2007. (AP Photo/ Luca Bruno), File)