Jan 6 : Tyremaker Pirelli and Italy’s government are exploring new ways to end Chinese state-owned Sinochem’s involvement in the Milan‑based company amid U.S. pressure, the Financial Times reported on Tuesday.
Pirelli’s Italian investor Camfin had earlier complained that Sinochem’s presence was hindering the tyremaker’s expansion plans in the U.S., as Washington tightens restrictions on Chinese technology in the automotive sector.
Sinochem is Pirelli’s largest investor with a stake of about 34.1 per cent, according to LSEG data.
Rome is mulling a fresh intervention as Washington’s ban on Chinese-backed hardware and software that interact with U.S. cars comes into effect in March, the report added, citing people familiar with the discussions.
Reuters could not immediately verify the FT report. Pirelli and the Italian government did not immediately respond to Reuters’ requests for comment.
In recent months, U.S. officials have pressured Italy to curb Sinochem’s influence, while Pirelli has offered several proposals to the Chinese shareholder, including a stake sale, though Sinochem did not immediately engage, the report added.
Sources close to the matter told Reuters last year that Sinochem was open to bids for its Pirelli stake if the offer came with a premium.
Source: CNA
