GreenergyDaily

Apr. 13, 2026

Italy has ‌imposed several curbs on China's Sinochem to try to resolve a governance spat in Pirelli, the tyre maker said on Saturday, confirming an earlier Reuters report.

Italy ruled that Sinochem was entitled to submit a list of candidates for Pirelli's board renewal comprising a maximum of three members, two of whom must be independent.

The curbs will remain in force as long as Sinochem retains a stake in Pirelli above 9.99%, the company said in a statement, in a sign that Rome wants Sinochem to cut its 34% shareholding.

Beijing-controlled Sinochem is Pirelli's largest shareholder, while Camfin, the vehicle of ⁠Italian businessman Marco Tronchetti Provera, holds around 26%, with plans to increase it to up to 29.9%.

Both Pirelli and Camfin have called for restrictions on Sinochem, saying that its ownership position complicates Pirelli's expansion plans in the United States, as Washington tightens restrictions on Chinese technology in the automotive sector.

The company's board currently has 15 members, eight ‌of ⁠whom come from its Chinese investor.

Sinochem board members will not be allowed to hold top corporate offices such as chairman or chief executive, Pirelli said, outlining the prescriptions.