Italy Investigates Pirelli’s Chinese Investor Over Potential Governance Breach

Published on November 7, 2024

Italian tiremaker Pirelli announced on Wednesday that a government investigation had been launched into the company’s largest shareholder over concerns that the Chinese investor may have breached Italy’s “golden power” rule. Sinochem, China’s largest state-owned chemical company, now owns a 37 percent stake in Pirelli. Camfin, the company’s second-largest shareholder, holds a 25.7 percent stake. Camfin is headed by Italian businessman Marco Trochetti Provera, who has been in charge of Pirelli since 1992 and now serves as executive vice chairman. According to Pirelli, China National Tire and Rubber Corp (CNRC), a subsidiary of Sinochem, received a notice from Italian Prime Minister Giorgia Meloni’s office on Oct. 31 of the investigation....

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