stronger Chinese with the new pact - Corriere.it
Increasingly stronger Chinese in Pirelli with the new pact that came into force on May 19, but frozen pending the government's pronouncement on golden power. According to the new agreements signed in May 2022, the Italian shareholders Mtp (Marco Tronchetti Provera) and Camfin (14% of Pirelli) will lose one director, going from 4 to 3, while the Chinese shareholder Cnrc, a company of the ChemChina group, will gain one. Sinochem (37% through the Marco Polo vehicle), rising from 8 to 9; the 3 independent directors will remain unchanged, including two women. THEFurthermore Marco Tronchetti Provera will only be executive vice president and no longer managing director having exercised the power of succession by indicating Giorgio Bruno as his replacement. The agreement will last until December 2025, without a renewal or a new agreement, the next CEO will be chosen from the majority list, i.e. from CNRC, therefore no longer Italian, but of Chinese expression. Sources close to Sinochem confirm the firm will of the company to protect the Italian spirit of Pirelli, considered an essential asset for the company's future. In this regard, the same sources recall that, in the entire history of its shareholding in Pirelli, Sinochem has never voted against in the decisions of the Board of Directors. Lastly, the sources reiterate that Pirelli represents a strategic and long-term stake for Sinochem, and that therefore a sale is not an option on the table. In April, the Meloni executive had communicated its intention to adopt golden power over Bicocca not only by virtue of the fact that the new pact was about to enter into force, but also because rumors had emerged about the possible disengagement of the Beijing shareholders.
The pact had been notified by the same CNRC to the Presidency of the Council of Ministers in compliance with the legislation relating to the government's special powers to safeguard companies operating in sectors deemed strategic or of national interest. The press release specifies that until the conclusion of the golden power procedure - which should include two hearings on 6 and 8 June in Rome - the provisions of the law will apply which provide, among other things - against the Chinese of CNRC - the suspension of the effectiveness of the agreement and voting rights. The notification of the agreement took place on March 6 and - based on the timing of the law - a decision expected around mid-June before the Pirelli shareholders' meeting on June 29 which will approve the 2022 financial statements and the distribution of the dividend. On that occasion, Pirelli's shareholders will also be called to approve the postponement to a subsequent shareholders' meeting, to be held by 31 July 2023, of the appointment of the new board of directors, postponed precisely pending the pronouncement of the Golden Power. The renewal of the agreement concerns all the ordinary shares of Pirelli held by Marco Polo International Italy, the Italian vehicle of CNRC, and by Camfin for a total of 51.111% of the capital of the tire group.