Pirelli investors back 2024 earnings report despite opposition from China's Sinochem
MILAN, June 12 (Reuters) - Pirelli (PIRC.MI), opens new tab investors on Thursday approved the Italian tyremaker's earnings report for last year despite the opposition of its largest shareholder, the Chinese state-controlled group Sinochem (600500.SS), opens new tab, the company said.
The outcome of the vote suggests that Sinochem, whose influence over Pirelli has been restricted by the Italian government, no longer has effective control over the company.
Sinochem, which owns a 37% stake, has crossed swords with the company and its second largest shareholder Camfin, which claim that a large Chinese presence in Pirelli poses a threat to its ambitions to expand its business in the United States.
The Pirelli statement confirmed that Sinochem had been the only shareholder to vote against the approval of the annual report for 2024.
The shareholder meeting also approved the payment of 250 million euros to investors as a dividend, the equivalent of 0.25 euro per share.
Washington is cracking down on Chinese technology in the automotive industry by banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads.
The Italian government is seeking clarity from the United States about possible restrictions on Pirelli's U.S. activities due to its Chinese investor, Reuters reported on Wednesday.
As part of the governance dispute, some Sinochem representatives on Pirelli's board, including Chairman Jiao Jian, earlier this year voted against the group's financial statement for 2024.
Some Sinochem board members also voted against Pirelli's results for the first quarter of 2025.
The Italian government intervened two years ago to curb Sinochem's influence in Pirelli and to protect the autonomy of its management under so-called "golden power" legislation for companies deemed of strategic importance.
Camfin, which owns a 27.4% stake in Pirelli, is the vehicle of Executive Vice-Chairman Marco Tronchetti Provera, the Italian businessman who has been the company's top boss for more than three decades.
In a challenging context for the whole automotive industry, Pirelli last year posted above-target results, with a 2% revenue increase and a margin on adjusted operating profit rising to 15.7%.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
11 minutes ago
- The Independent
Peugeot goes back to the 80s with new E-208 GTi
Back in 1984 when the world was wowed by the first Apple computer and Band Aid broke records with the charity single Do They Know It's Christmas, Peugeot revealed the first of its legendary GTi models. The 205 GTi grabbed the attention of car fans with its punchy performance, agile handling, cool looks – and affordable price. It was France's answer to the Volkswagen Golf GTI. Since then, there have been numerous other GTi models attached to Peugeot's two zero models, but none have captured the spirit of the original. Now the GTi is back again, but this time with the benefit of electric power. The E-208 GTi uses a 54kWh battery and 276bhp electric motor, with an impressive torque figure of 345NM. That translates to a 0-62mph time of just 5.7 seconds, over two seconds quicker than the hottest original 205 GTi could cover that sprint – the 205 GTi 1.9 felt quick in the eighties with a 0-62mph time of 7.8 seconds. These days, other figures are also important with EVs and the E-208 GTi claims a maximum range of 217 miles and will charge from 20 to 80 per cent in less than 30 minutes on a 100kW fast charger. More crucial to GTi fans will be how the car looks and how the car feels, with the familiar theme of subtle, yet effective, sporting styling updates to the standard E-208, just as the original GTi did with the 205. The new GTi is lower than the standard car and wider, too, with beefed up wheelarches to accommodate a wider track and special wheels. There's a bespoke front spoiler and a sporty rear diffuser to boost the car's aerodynamics. The 208's three-claw LED lighting signature at the front is extended to the main headlights and continued with red LEDs at the back, too. There are also plenty of sporty red details around the Peugeot badge, in the headlight units, on the wheel arches, under the rear spoiler and on the brake callipers. As with the original 205 GTi, the wheels are a highlight but this time with a seven-hole design set off by a bold red (again) Peugeot GTi logo sat in the centre hub. The wheels are wrapped in bespoke Michelin tyres. Unlike the original, this GTi is a five-door car with sensible space in the back and decent-sized boot. It's very red inside, too, with bright red carpets, floor mats and seat belts, plus red ambient lighting across the dash and more red trim on the small steering wheel and, of course, on the sports seats. And as befits a range-topper, there's a full roster of luxury and safety equipment, plus Peugeot's latest tech that includes a digital instrument cluster and 10-inch touchscreen with bespoke GTi graphics and settings. Peugeot chose to unveil the new E-208 GTi at the Le Mans 24 Hour race in France, where the brand is competing with its 9X8 hybrid in the Hypercar category. Peugeot says that its racing experience was vital in the development of the new GTi, citing what it has learned about optimising thermal management and energy recovery to improve performance of its new hot hatchback. As well as the high-performance electric motor, lowered suspension and wider track, engineers at Peugeot Sport have tweaked the E-208's chassis with different settings, new brakes and a limited-slip differential to improve handling and grip levels. You can also disable some of the car's road-focused safety systems in a specific sport mode that's designed for track use. One of the secrets of the 205 GTi's success was its affordable price, and Peugeot is keen that the E-208 GTi continues that theme. With an expected price in the region of £38,000 to £39,000 it's some way off the sub-£7,000 price of the original and more like what you'd have to spend on a perfect classic 205 GTi today. However, the new GTi is likely to cost just around £5,000 more than the current top-spec E-208 GT Premium. However, it might make it slightly more expensive than the new MINI John Cooper Works Electric, which costs from £34,905. Hot Peugeot fans are in for a little bit of a wait, though. First deliveries of the new E-208 GTi aren't likely to be until 2026.
The Independent
11 minutes ago
- The Independent
Tottenham sue Ineos over termination of sponsorship deal
Tottenham Hotspur have filed High Court proceedings against Manchester United co-owner Jim Ratcliffe 's company Ineos over a terminated sponsorship agreement. Court records show Spurs filed a commercial claim at the High Court against Ineos Automotive on Thursday, though no documents are available. Chemicals firm Ineos agreed a five-year deal with Spurs in 2022 - before Ratcliffe bought a stake in United - for Ineos Grenadier to become the London team's official 4x4 vehicle partner. Ineos said in a statement: "Ineos Automotive has been a partner of Tottenham Hotspur since 2022, expanding on a partnership agreement that Ineos Group had in place with the club since 2020. "We have a contractual right to terminate our partnership contract and in December 2024 exercised that right." Spurs declined to comment. In March it was announced Ineos had reached a settlement with New Zealand Rugby in relation to a sponsorship deal. The previous month, NZR had said it had launched legal proceedings against Ineos after alleging that the first instalment of 2025 sponsorship money due under a six-year agreement struck in 2021 had not been paid. Significant changes have been made at Manchester United since Ratcliffe bought a minority stake in December 2023, including the loss of hundreds of staff and increased ticket prices at Old Trafford.
Daily Mail
12 minutes ago
- Daily Mail
What aircraft do the most popular budget airlines use? From easyJet and Ryanair to Jet2 and British Airways
Europe's low-cost airlines fly millions of us across the region - and beyond - every year, and boast some of the world's best safety records. But which aircraft do the most popular budget flyers such as easyJet, Ryanair and Wizz depend upon to ensure passengers reach their destination - be it a city break or balmy beach - in style? The good news for passengers is that Europe's low-cost carriers have some of the youngest fleets in the world, with many having brand new planes on order in the pipeline too. RYANAIR Back in 2023, Ryanair ordered 330 new Boeing 737 Max 10 aircraft, in a deal worth more than $40billion dollars (£32billion). The delivery of the aircraft is due between 2027 and 2034 and, says the airline, will see the planes able to 'carry 21% more guests, burn 20% less fuel and be 50% quieter than our Boeing 737-NG Fleet.' What does Europe's largest airline group currently have in its 618-stong fleet? There are 181 Boeing 737-8200 'Gamechanger' planes and 26 Airbus A320s. The majority of Michael O'Leary's airline's current fleet though is the 189-seater Boeing 737-Next Gen plane, of which the airline has 411 of them. The twin-engine narrow-body aircraft carries a CFM-56 engine, and has a 35.8 m (117 ft 5 in) wingspan. EASYJET The orange-hued airline, founded by Stelios Haji-Ioannou in 1995, lays claim to 'one of the youngest fleets in the industry'. Passenger fly on 318 Airbus A320 family aircraft, with the company recently welcoming the new generation Airbus A320neo. According to Airbus, the A320neo, equipped with CFM LEAP-1A engines and wingtip 'Sharklets', flies up to 3,400 NM and delivers 20% less fuel burn and CO2 emission per seat - thanks to its fuel efficient engines. There's also a fleet of A321neo aircraft, with 235 seats on board, in use by the airline. Flyers onboard enjoy one of the widest single-aisle cabin in its class, with more personal space and wider seats alongside bigger than average overhead compartments. JET2 Another airline with planes on order, Jet2 announced plans to welcome 60 new Airbus A321neo planes back in 2021 - with the option to extend to up to 75. And in 2015, the company acquired 34 brand new Boeing 737-800 aircraft, with the order fulfilled by January 2019. The brand - famous for its catchy ads, using pop star Jess Glynne's Hold my Hand track - launched its first leisure flight from Leeds Bradford Airport to Amsterdam in February 2003. BRITISH AIRWAYS The British airline has the most diversity when it comes to planes, with a huge array of aircraft within its fleet, and operating one of the most modern fleets of any airline in the world. Currently in the fleet are: Airbus A319-100, Airbus A320-200 and A320neo, Airbus A321-200 and A321neo, Airbus A350-1000, Airbus A380-800, Boeing 777-200 and 777-300, Boeing 787-8, 787-9 and 787-10 - and the Embraer 190 BA CityFlyer. IN the midst of the pandemic, the airline scrapped its entire fleet of jumbo jets. The nation's flag carrier was the world's last major operator of the iconic Boeing 747 'Queen of the Skies', which had been in service with the airline since 1971. BA had originally planned to retire them by 2024 and gradually replace them with newer, more fuel-efficient jets such as the 787 Dreamliner and Airbus A350. But plummeting passenger numbers forced the airline to bring forward its plans. WIZZ AIR The Hungarian airline has made huge waves since it started in 2004, having carried 200 million passengers after 15 years in business. Its fleet, like easyJet, is also young, with 207 aircraft with an average age of 4.2 years. More than 200 of those are the ultramodern Airbus A320 family aircraft, which helped Wizz land a spot in the top ten safest low cost carriers of 2019. There's also the more eco-friendly Airbus A321neo aircraft amongst its fleet, which, says the low cost carrier, makes them 'the airline with the smallest environmental footprint per passenger.'
