Italy's restrictions on the influence of Chinese shareholders in Pirelli will allow the tire manufacturer to compete in the US market, said Industry Minister Adolfo Urso on Wednesday, according to the ANSA news agency.
As part of the 'golden share' rules introduced last week to protect national interests in corporate matters, Rome limited Sinochem's representation on the board of directors to three members. The Chinese company owns 34% of Pirelli's shares, making it the largest shareholder.
Members of the board of directors appointed by Sinochem cannot hold senior positions such as chairman or CEO, according to government regulation.
Restrictions were imposed against the backdrop of a corporate dispute, with Italian investors and Pirelli claiming that Sinochem's ownership stake threatens the company's ability to expand in the US, where authorities are implementing new rules to reduce Chinese technologies in the automotive sector.
"It is important for all Pirelli shareholders, for Pirelli employees, and for the company that they can maintain their initiative in the most promising market — the United States market, and thus effectively compete with advanced technology in the global market," said Urso during an event in Rome.
Pirelli specializes in the premium segment of the market and sells cyber tires that include sensors for data collection during vehicle movement.
Earlier this week, the state-owned company Sinochem, which produces and trades chemicals and fertilizers, announced that it may file a legal appeal against government restrictions.
Camfin, the holding company of Italian businessman Marco Tronchetti Provera, owns approximately 26% of Pirelli shares and plans to increase its stake to 29.9%.
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