ROME : Italy's government has ruled that China's Sinochem cannot designate the chief executive of tyremaker Pirelli despite being its main shareholder with a 37 per cent stake, a source familiar with the matter told Reuters on Saturday.
Prime Minister Giorgia Meloni's administration scrutinised the pact under"Golden Power" rules aimed at protecting assets deemed strategic for the country, at a time when relations between China and Western countries have become more strained. Under the revised pact between Camfim and Sinochem, which will now need to be amended to reflect the government's steps, Tronchetti Provera would lose from 2026 powers he currently enjoys to designate the group's CEO, leaving that task to Pirelli's Chinese-controlled board.
Announcing the remedy on Friday, the government said that"some" strategic decisions by Pirelli's board would require approval from at least 80 per cent of its directors.
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