Latest news with #Camfin
Reuters
24-05-2025
- Business
- Reuters
Pirelli in risky situation without a deal with Sinochem, CEO tells Corriere
MILAN, May 24 (Reuters) - Italian tyre maker Pirelli ( opens new tab is in a risky situation after its Chinese leading shareholder Sinochem rejected a proposal by the company to solve governance issues that could hinder its expansion in the United States, the group's CEO told daily Corriere della Sera on Saturday. Pirelli and its second-largest shareholder, Italy's Camfin, have said Sinochem's shareholding was posing risks to the tyre maker's ambitions to expand in the U.S., where some lawmakers are opposed to approving projects backed by Chinese companies. The company had put forward a proposal to solve these governance issues, without releasing details on it, but earlier this month Pirelli's Chinese shareholder firmly rejected it. "The goal is to find solutions that can guarantee Pirelli to operate in all markets of the world, particularly the U.S., without constraints and restrictions, thinking only of the company's industrial development," Pirelli CEO Andrea Casaluci said in an interview published on Saturday. Pirelli makes over 20% of its revenue in North America and the percentage is 40% for sales of high-value products. "Without a solution, the development of Pirelli's relevant technologies would be compromised and consequently future growth would also be at great risk, in all markets and especially in Italy," Casaluci said, adding that the group plans to expand its research and development activities in its home country. Casaluci also said that Sinochem has presented its own proposal on the governance to the Italian government - which has so-called golden powers to block or limit foreign influence on domestic groups considered strategic - without consulting with the group. Contacted by Reuters Pirelli and Sinochem were not immediately available to comment the interview.
Yahoo
24-05-2025
- Business
- Yahoo
Pirelli in risky situation without a deal with Sinochem, CEO tells Corriere
MILAN (Reuters) -Italian tyre maker Pirelli is in a risky situation after its Chinese leading shareholder Sinochem rejected a proposal by the company to solve governance issues that could hinder its expansion in the United States, the group's CEO told daily Corriere della Sera on Saturday. Pirelli and its second-largest shareholder, Italy's Camfin, have said Sinochem's shareholding was posing risks to the tyre maker's ambitions to expand in the U.S., where some lawmakers are opposed to approving projects backed by Chinese companies. The company had put forward a proposal to solve these governance issues, without releasing details on it, but earlier this month Pirelli's Chinese shareholder firmly rejected it. "The goal is to find solutions that can guarantee Pirelli to operate in all markets of the world, particularly the U.S., without constraints and restrictions, thinking only of the company's industrial development," Pirelli CEO Andrea Casaluci said in an interview published on Saturday. Pirelli makes over 20% of its revenue in North America and the percentage is 40% for sales of high-value products. "Without a solution, the development of Pirelli's relevant technologies would be compromised and consequently future growth would also be at great risk, in all markets and especially in Italy," Casaluci said, adding that the group plans to expand its research and development activities in its home country. Casaluci also said that Sinochem has presented its own proposal on the governance to the Italian government - which has so-called golden powers to block or limit foreign influence on domestic groups considered strategic - without consulting with the group. Contacted by Reuters Pirelli and Sinochem were not immediately available to comment the interview.
CNA
15-05-2025
- Business
- CNA
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.
Reuters
15-05-2025
- Business
- Reuters
Pirelli's Chinese investor rejected 'unfair' proposal but open to collaborate
MILAN, May 15 (Reuters) - 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.
TimesLIVE
15-05-2025
- Business
- TimesLIVE
Pirelli says talks over dispute with top shareholder end without a deal
Italian tyremaker Pirelli said on Wednesday that talks to try to mend relations with its largest shareholder, China's Sinochem, had ended without a breakthrough. Pirelli and its second largest shareholder, Italy's Camfin, have said Sinochem's shareholding was hindering the tyremaker's ambitions to expand in the US, where some legislators are opposed to approving projects backed by Chinese companies. In April, Pirelli said that the Italian government's move in 2023 to take 'golden powers' at the company meant it was no longer controlled by Sinochem. However, the Chinese company rejected this assertion. Pirelli said on Wednesday that, after negotiations, 'the proposals extended by Pirelli to Sinochem have been in fact rejected'. It did not give details of the proposals. Camfin backed the firm's strategy in a statement on Wednesday, adding that 'should the current situation with Sinochem not be settled quickly, Camfin would be forced to assess the effects of such behaviour on Pirelli and the shareholders' agreement.' Pirelli makes more than 20% of its revenues in North America. It posted a first-quarter adjusted earnings before interest and tax of €279.8m (R5.72bn), up 6.5% year on year, topping analysts' consensus forecast of €270m (R.5bn) , according to data provided by the company. Pirelli, the sole supplier of tyres for Formula One cars, also confirmed its 2025 guidance, but said that if the current US position on tariffs persisted, its adjusted EBIT was likely to come in at the lower end of guidance.
