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Italy reviews limiting China's Sinochem influence over Pirelli -Bloomberg News

Reuters
·1-min read
FILE PHOTO: A man walks out of an office building of Sinochem in Beijing

(Reuters) - Italy is studying ways to curtail the influence of China's Sinochem on tire maker Pirelli SpA, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Sinochem is Pirelli's largest shareholder, with a 37% stake.

Italian officials are discussing several options as part of talks with Pirelli investors over the company's ownership structure, the report said.

These options include limiting information sharing on sensitive and strategic technology with Sinochem-appointed board members, the report said, adding that they may also limit voting rights of board members that Sinochem appoints.

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There are 15 members on Pirelli's board but it is unclear how many are from Sinochem.

Pirelli and Sinochem did not immediately respond to Reuters request for comments.

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Leslie Adler and Josie Kao)