Pirelli Shareholders' Chinese Company, China National Chemical Rubber Co., Appeals Against Italian Government's "Golden Power" Restrictions
Italian tire company Pirelli said on Monday that China National Chemical Rubber Company (CNRC) and its subsidiary Marco Polo International have separately filed appeals with a local administrative court in Italy, challenging restrictions imposed by the Italian government on their shares in Pirelli.
China National Chemical Rubber Company is a wholly-owned subsidiary of state-owned enterprise Sinochem Group. Through its Milan-based subsidiary Marco Polo International, it holds 34.1% of Pirelli shares—the largest stake in the company.
According to Reuters, this appeal aims to overturn measures stipulated in a decree issued by the Italian government in April under its "golden power" regulations. These rules allow the Italian government to impose conditions on projects deemed strategic investments.
One such provision reduced the number of representatives that Sinochem Group could nominate to Pirelli’s next board of directors from eight to three in April, a move intended to circumvent U.S. restrictions on this Italian firm.
Pirelli stated that this lawsuit will not affect the "normal conduct" of the general meeting scheduled for June 25.
Source: rfi
Original article: toutiao.com/article/1867448356616192/
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