Pirelli board says China's Sinochem no longer controls tyremaker
MILAN, April 28 (Reuters) - Pirelli (PIRC.MI), opens new tab said on Monday its board established that the group's largest investor, China's state-owned Sinochem (600500.SS), opens new tab, no longer controls the tyremaker, and added that shareholders will continue to discuss governance arrangements.
Chinese and Italian shareholders in Pirelli have been at odds over the group's governance, with Sinochem posing a hurdle to Pirelli's U.S. expansion ambitions.
Pirelli said in a statement the board approved the resolution with nine out of 15 board members in favour. Chairman Jiao Jian and four other Chinese board members voted against, while a further Chinese member abstained.
The board determination follows the Italian goverment's intervention in 2023 to curb Sinochem's powers in Pirelli and protect the autonomy of its management, under so-called "golden power" legislation for companies deemed of strategic importance.
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