Italy seeks STMicro shareholder vote on rejected board candidate, sources say
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Rome seeks more influence at French-Italian chipmaker STMicro
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Rome putting pressure on CEO Chery to quit, sources say
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Paris has offered full support to Chery
ROME, - Italy is pushing for an extraordinary shareholder meeting at STMicroelectronics to vote on a candidate it wants to appoint to the supervisory board, two sources close to the matter said, as Rome seeks more influence at the chipmaker.
Earlier this month, the supervisory board of the French-Italian company rejected the nomination of Marcello Sala, a leading Italian government official, to its ranks.
But the sources said Rome was not backing down and the board would meet on Wednesday to assess the Italian request for an extraordinary general meeting to decide on the appointment of Sala, head of an economy ministry department responsible for state-backed firms.
STMicro did not reply to a request for comment.
The company, in which the Italian and French governments own a combined 27.5% share through a holding company, employs 50,000 people worldwide and has been facing a sustained downturn in its key automotive and industrial markets.
A close aide to Italian Economy Minister Giancarlo Giorgetti, Sala has helped the government deal with some of its most delicate corporate issues, including the re-privatisation of bailed-out bank Monte dei Paschi di Siena.
The Italian government's push comes as it is increasingly unhappy with STMicro CEO Jean-Marc Chery and, according to the sources, wants Paris to back its effort to replace him.
French industry minister Marc Ferracci this month offered his full support to Chery, after allegations of insider trading from Giorgetti, which STMicro denied.
A sticking point between Italy and Chery is the prospect of job cuts at STMicro's Italian plants, after the group said it would cut its workforce by 2,800 people globally.
Rome aims to limit the Italian layoffs to roughly 1,000 and is pressing for as many in France, another source said.
At present, the only Italian representative on STMicro's supervisory board is Paolo Visca, an adviser to Giorgetti.
STMicro's annual general meeting on May 28 will vote on appointing Simonetta Acri, championed by the Italian industry ministry, to the supervisory board.
Summoning an EGM is the only way to appoint Sala as well, as an AGM must be convened 60 days in advance, one of the first two sources said.
Nicolas Dufourcq, chairman of the supervisory board, denied this month press rumours that France had voted against Sala, saying he was opposed by three independent directors, while he and two other French members had voted for him.
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