Pirelli postpones the assembly by one month for the Golden Power – Corriere.it

The Golden Power hypothesis causes Pirelli’s shareholders’ meeting to be postponed and puts pressure on the stock, despite the brilliant accounts, which closed at -4.6% to 4.4 euros. The executive is allegedly evaluating the use of special powers over Bicocca to limit the range of action of the Chinese partners, but at the moment the work of the Palazzo Chigi offices is still in the preliminary phase: the elements will have to be collected in the coming weeks and information for the possible assessment of whether to dictate specific conditions regarding the structure and governance of Pirelli. The government’s move would have been induced by the fibrillation that arose around the shareholding structure, which since February has seen the news of the exit of Sinochem (shareholder with 37% of Pirelli) and the consultation agreement between Marco Tronchetti Provera-Camfin and Brembo (shareholder of 6% of the big tire company). “We are always careful when it comes to protecting national companies, in this case multinationals, which operate in strategic supply chains in our country, but I believe that on these topics it is better to do than talk”, commented the Minister of Enterprise, Adolfo Urso. The one-month postponement of the meeting is due to the Golden Power regulation: from 6 March – date of the notification to the Presidency of the Council of Ministers of the intention to renew the shareholders’ agreement between Sinochem and the Italian shareholders (Camfin and the CEO Marco Tronchetti Provera) – the government has 45 days to respond, plus any other 30. Pirelli has accepted the request of the Chinese shareholders and has chosen to postpone the meeting for 29 June since it is to be called 40 days earlier, as there is renewal of the board and awaiting the response on the Golden Power. In 2022 the company achieved a consolidated net profit of 435.9 million euros (+35.5%) and revenues of 6.6 billion (+24.1%). The dividend rises to €0.218 per share, compared to €0.161 in 2021.