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Pirelli Says Italian Government Curbs Powers of Major Shareholder Sinochem

June 19, 2023 at 02:38 am EDT

By David Sachs

Pirelli said Sunday that the Italian government has limited the influence of Chinese state-owned company Sinochem, a major shareholder in the company, including its ability to nominate a new chief executive.

The Italian tire maker said that China National Tire and Rubber Corp., a company of Sinochem Group, must give Pirelli full autonomy in regard to its strategic, industrial and financial plans.

The decision falls under Italy's "golden power" rule that allows the government to intervene in matters deemed to be in the national public interest. Pirelli's technology is also protected by the ruling, the company said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

06-19-23 0237ET

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	PIRELLI & C. S.P.A.	5.982 EUR	+0.67%	+2.85%	6.39B
	SINOCHEM INTERNATIONAL CORPORATION	4.12 CNY	+3.26%	-1.90%	2.04B

David Sachs

Mr. David Sachs is a Chief Financial Officer at ImmunityBio, Inc. He is on the Board of Directors at Chan Soon-Shiong Institute For Medicine, Keyssa, Inc., Mox Networks LLC and PacketFabric, Inc. Mr. Sachs was previously employed as a Chief Financial Officer by NantKwest, Inc., a Chief Financial Officer by Integrity Healthcare LLC, and a Principal by Nant Capital LLC. He also served on the board at Ziosoft, Inc. He received his undergraduate degree from the University of California, Los Angeles and an MBA from Anderson School of Management.

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