Pirelli, the government evaluates the golden power to limit the Chinese of Sinochem-Corriere.it

The Italian government is reportedly evaluating the use of golden power for Pirelli and thus limiting the range of action of the Chinese shareholders. The news, reported by Bloomberg, comes after Bicocca’s shareholder structure ended up in the spotlight amid denials and announcements in recent months, while tensions were growing globally between Beijing and the West. According to the agency, Italian officials are discussing various options with Pirelli investors on the ownership structure: Sinochem, in fact, owns 37% of the tire manufacturer. The hypotheses considered would include the limitation of the sharing of information on sensitive and strategic technologies with the members of the board of directors appointed by Sinochem and that of their voting rights, at the moment no decision has been taken and the talks are still ongoing. However, the probable decisions of the executive would not change the shareholding structure or force Sinochem to sell, but would limit China’s ability to influence the company’s business. No comment from government spokesmen and Pirelli. Italy is the only G7 country to have signed a memorandum of understanding with China on its Belt and Road initiative.