Pirelli's Chinese investor rejected 'unfair' proposal but open to collaborate
MILAN :A leading Chinese investor in Italian tyre maker Pirelli said on Thursday a proposal the company had put forward to solve problems that having a Chinese shareholder pose for its U.S. expansion plans were "seriously unfair".
Without providing details on the proposal, Pirelli said Wednesday its Chinese shareholder Sinochem had rejected it.
"The proposal was rejected by us because (it is) potentially disruptive for Pirelli and overall seriously unfair and unbalanced for all Pirelli shareholders ... other than Camfin," Marco Polo International Italy, the vehicle through which Sinochem invests in Pirelli, said in a statement.
The statement reiterated Sinochem's "firm support for the long-term sustainable development of Pirelli" saying it would continue to work with its shareholders, management and the relevant authorities to help its growth and development.
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