Italy curbs Chinese state-owned Sinochem’s powers at Pirelli

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Italy’s government won’t allow Pirelli’s leadership to be influenced by its Chinese shareholder. Italian p rime m inister Giorgia Meloni ’s government exercised its “golden powers” to strip Sinochem, the company’s largest shareholder, of the right to appoint the chief executive for the 151-year-old Milan-based tiremaker, Formula 1's sole supplier . Advertisement The government’s June 16 order, seen by the Financial Times, gives Camfin, the holding company of Pirelli CEO Marco Tronchetti Provera, the indefinite right to appoint the chief executive. Sinochem, which owns its stake through China National Rubber Company (CNRC), will have no say. Rome has been probing...