Italy Plans to Limit Sinochem Group's Voting Rights in Pirelli to Aid Its U.S. Market Expansion

Foreign media: Italy is considering measures to limit the influence of China's Sinochem Group in Pirelli, including freezing its voting rights, to help Pirelli expand its business in the United States.

Pirelli and the second-largest shareholder Camfin stated that Sinochem, as a major shareholder, has hindered its expansion in the U.S. market, especially after the U.S. strengthened restrictions on Chinese automotive technology.

Sinochem currently holds 34% of Pirelli's shares. The Italian government previously used special powers to help Pirelli resolve governance disputes. Now, to support Pirelli's development in the U.S., it is considering limiting Sinochem's shareholder rights. Sinochem has hired BNP Paribas to provide advice on possible share sales.

Original article: toutiao.com/article/1853585680517132/

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