MILAN (AP) — Italy has opened an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, for a possible breach of restrictions designed to protect national strategic assets.
Pirelli announced Wednesday that the procedure was launched under the so-called “golden power” provisions, which include restrictions to the access of some information and higher vote thresholds for strategic decisions, invoked by the Rome government in mid-2023.
Pirelli said Sinochem, which controls a 37% stake in the company, has denied any violations of the restrictions, adding the Italian government had 120 days to issue a finding.
In announcing the golden power provision, the government cited the sensitivity of sensors implanted in tires that can collect data such as road layouts, geolocation and the state of infrastructure, making it of a "critical technology of national strategic importance.”
The tiremaker’s second-largest investor is Camfin, the investment vehicle of Pirelli’s former CEO and current executive vice-chairman Marco Tronchetti Provera, which holds a 32.4% stake.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
