Sinochem considering selling its Pirelli shareholding
1
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The Chinese state-owned conglomerate Sinochem is reported to be considering its options to sell its 37% stake in Italian tire manufacturer Pirelli. Follows a long-running governance dispute with Pirelli's Italian shareholders and intervention by the Italian government to curb Chinese influence.
According to sources, whilst Sinochem still sees itself as a long-term investor, it is open to selling its stake if it is offered a premium price by a potential buyer.
Plus Sinochem and the main Italian shareholder, Camfin, have been at odds over governance issues for more than a year with Italy's Prime Minister Giorgia Meloni becoming involved in the negotiations.
In 2023, the Italian government invoked "golden power" rules to limit Sinochem's influence and protect Pirelli's management autonomy as a strategic national giving the Italian shareholder, Camfin, the right to appoint top management and guide strategic decisions.
The governance dispute has hindered Pirelli's expansion plans in the United States, an issue Camfin has complained about and a recent US warning over Chinese influence on Pirelli could further complicate the situation. These internal disagreements have negatively impacted the company's governance and results.
Sinochem is also considering options other than a full sale of its stake, possibly including a partial reduction of its holding.
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